2010.09.0809:40:00UTC+00Canadian Building Permits Decline In July

Canadian building permits slumped in July compared to the month before, but remain well above levels form the same time period a year ago, official data revealed Wednesday.

Municipalities issued building permits worth C$6.4 billion in July, down 3.3% from June but 33.0% higher than the level in July 2009, Statistics Canada said.

The decrease in July was spread across residential and non-residential sectors.

Economists expected a steeper decline of 4.5% from June, when building permits rose 6.9%.

In the non-residential sector, municipalities issued building permits worth C$2.9 billion in July, down 4.3% from June, as a result of lower construction intentions for industrial and commercial buildings.

The value of residential permits declined for a fourth consecutive month, down 2.4% to C$3.5 billion in July. However, the value of residential permits was 28.6% higher than in July 2009. The value of both single- and multi-family permits declined in six provinces in July.

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