Canadian Building Permits Fall 12.9% on Alberta Non-ResidentialTheophilos Argitis
Canadian building permits fell by the most in five months in January, as Alberta builders scaled back plans for non-residential construction amid an oil shock.
The value of municipal permits fell 12.9 percent, the biggest decline since August, Statistics Canada said today. Economists forecast a 4 percent drop according to the median of nine responses to a Bloomberg News survey.
Multiple-unit project permits fell 21 percent during the month, offsetting a 3.5 percent rise in single-unit construction plans. Non-residential permits fell 22.8 percent.