Canada Building Permits Up

Ottawa, Ontario, May 4, 2006--The value of Canadian building permits issued in March jumped by a stronger-than-expected 5.3 percent, the second highest on record, fueled by non-residential construction plans, Statistics Canada said on Thursday. Analysts surveyed by Reuters had expected building permits to rise 2.0 percent in March. Non-residential permits surged 15.1 percent after an already-strong 15.3 percent climb in February, with the growth in March based largely on hospital projects, the agency said. Non-residential permits were 16.1 percent higher than the average monthly rate in 2005, considered a great year for builders. The housing sector, while still robust compared with last year, fell 0.1 percent in March as demand for single-family units dropped even though permits for multi-family dwellings rose for the third straight month.