Ottawa, Quebec, November 7, 2005-- The value of Canadian building permits issued in September fell, as expected, by 5.3%, from August's upwardly revised record level. It was close to analysts' predictions of a 5.5% fall.
Still, Statistics Canada said on Monday it was the fourth highest level on record, with housing intentions marking their fifth gain, of 3.2%, in six months. All figures are adjusted for seasonal factors such as the busy summer.
The nonresidential sector -- which accounted for just over a third of the total value of permits in September -- dropped 17.1% after a massive 32.8% jump in August.
However, the government agency saw the nonresidential sector remaining "a fertile environment for construction intentions."
This, the agency said, was because of retail sales strength, lower vacancy rates for office buildings, favorable interest rates, record profits by big companies and manufacturer optimism about production prospects.
