Canada building permits up by 2.4 percent in December

Reuters    Translate This Article
6 February 2010

OTTAWA (Reuters) - The value of Canadian building permits rose by 2.4 percent in December from November and ended the year having largely recouped losses suffered during the recession, Statistics Canada said on Thursday.

The increase was slightly less than the 2.5 percent gain forecast by market analysts surveyed by Reuters.

The overall value of permits in December was C$6.2 billion ($5.8 billion), 32.6 per higher than in December 2008. The sharp slide in permits started after September 2008, a month when the overall value hit C$6.5 billion.

The nonresidential sector rose by 6.8 percent in December from November. The residential sector fell by 0.1 percent, ending a run of nine straight monthly increases, but was 47.3 percent higher than in December 2008.

'In recent months, the value of (residential) permits has started to approach the peak reached before the economic slowdown,' Statscan said in its daily commentary.

($1=$1.06 Canadian)

(Reporting by David Ljunggren; Editing by Randall Palmer)

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