Canada building permits jump 7.9 percent in August

Fri Oct 5, 2012 8:43am EDT
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OTTAWA (Reuters) - The value of Canadians building permits rose a faster-than-forecast 7.9 percent in August, boosted by the highest non-residential construction intentions in almost four years, Statistics Canada data indicated on Friday.

The median forecast in a Reuters survey of analysts was for a minimal 0.1 percent increase in August.

The housing market showed further signs of cooling, with the value of residential building permits down by 2.3 percent to C$4.2 billion (C$4.3 billion).

This was more than offset by a 25.2 percent rise in non-residential permits to C$3.2 billion. This was due to plans to build medical facilities, educational institutions, nursing homes, utilities buildings and manufacturing plants.

(Reporting by Alex Paterson and Randall Palmer; Editing by Bernadette Baum)