Building permits higher in May: StatsCan
The value of building permits taken out in May climbed by 1.1 per cent from the previous month, despite a sharp drop in residential permits.
Statistics Canada said contractors took out $6.6 billion in permits in May, which made it the highest value for permits since October 2007. The total was 6.7 per cent above the monthly average for 2007.
"It was the first back-to-back increase in construction intentions since November 2006, and could point to busy construction sites in the coming months," the federal government agency said Monday. The value of building permits has followed an upward trend since the beginning of the year.
Municipalities issued $2.9 billion in permits for the non-residential sector, up 12.8 per cent, a second consecutive gain. The rise came mostly from strong increases in industrial and institutional building intentions.
Residential intentions fell 6.6 per cent to $3.7 billion in May from April, due a big decrease in the value of multi-family permits, which fell 15.5 per cent to $1.5 billion.
Statistics Canada said the value of permits in the residential sector has been falling since September 2007.
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