Building construction eases in August: StatsCan
The value of Canadian building permits issued in August fell 9.2 per cent compared with the previous month as contractors retracted from the non-residential sector.
Contractors took out $5.7 billion in building permits overall for the month, with the downturn in the non-residential sector outweighing an increase in the residential sector, according to a Statistics Canada report released Thursday October 7.
“It was a surprisingly large drop,” said Doug Porter, a Bank of Montreal economist, to the Canadian Press. “Of course, building permits are arguably the most volatile economic report that Statistics Canada releases. So you obviously have to treat it with a little bit of caution, especially permits in the non-residential sector, which can be extremely lumpy.”
After four months of decline, the value of residential sector permits issued by municipalities increased two per cent to $3.5 billion in August. At the same time, they issued just $2.2 billion worth of non-residential permits, down 22.9 per cent from July.