Canada building permits unexpectedly tumble in September

Fri Nov 6, 2015 8:40am EST
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OTTAWA (Reuters) - The value of Canadian building permits unexpectedly tumbled for the second month in a row in September on a drop in construction intentions for residential buildings, data from Statistics Canada showed on Friday.

Permits fell 6.7 percent, far short of analysts expectations for a gain of 1.3 percent.

Residential building permits dropped by 11.6 percent, driven by a slump in intentions for multi-family dwellings. Much of that decline came from the province of Ontario, which had seen a large increase the month before.

Non-residential construction plans increased by 1.6 percent, helped by a rise in permits for industrial buildings.

(Reporting by Leah Schnurr; Editing by Phil Berlowitz)