Canada Building Permits Fell 3.1% in October

By Paul Vieira

OTTAWA--Canadian building permits fell in October, following an 11.5% gain in the prior month. Even with the month-over-month drop, the total value of permits in October was the fourth-highest on record.

The total value of building permits declined 3.1% from the prior month to a seasonally adjusted 12.61 billion Canadian dollars, or the equivalent of $8.91 billion, Statistics Canada said Thursday. Market expectations weren't immediately available.

On a year-over-year basis, the overall value of permits issued in October jumped by a robust 11.6%.

Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.

Write to Paul Vieira at [e-mail]

(END) Dow Jones Newswires

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