OTTAWA Dec 6 The value of building permits
issued in Canada jumped 15 percent to a record C$7.49 billion
($7.57 billion) in October from September on higher construction
intentions for non-residential buildings, Statistics Canada said
The surprise increase was far greater than the 2.6 percent
rise forecast by market analysts. Statscan revised September's
month-on-month decline to 12.7 percent from an initial 13.2
The previous all-time high was the C$7.46 billion set in
"A huge jump in industrial permits and medical/educational
facilities, the former a very volatile category, was responsible
for the headline gain," Avery Shenfeld, chief economist at CIBC
World Markets, wrote in a research note.
"While it's nice to see some new plant construction, the
data do not ease our concerns that Canada will lose the support
of home building as a driver of growth come 2013."
Construction intentions in the non-residential sector soared
by 50.3 percent after a 29.4 percent drop in September on
strength in Ontario and Quebec, the two most populous provinces.
The value of industrial permits more than tripled to C$1.1
billion - rising above the C$1 billion mark for the first time -
on higher construction intentions for manufacturing plants,
transportation-related buildings and utilities buildings.
The value of residential permits fell by 4.1 percent, the
third decrease in four months, on lower construction intentions
for single-family dwellings.