Canadian building permits dip in March

Ottawa -- The total value of building permits in Canada dropped 4.5 percent in March to $5.6 billion, Statistics Canada reported Tuesday.

By sector, the value of residential building permits dell 5.7 percent to $3.6 billion, both in multi-family and single-family swellings, the agency said.

In the non-residential sector, building permits fell 2.4 percent to $2.0 billion, the lowest since April 2007.

The value of industrial permits plunged 21.9 percent to $318 million, the third decline in four months, StatsCan said.

The report said the value of permits in each of the three non-residential components has been on a downward trend since the last part of 2007 when construction intentions began to cool.

Copyright 2008 by United Press International.