December building permits hit 4-1/2 year high

Tue Feb 7, 2012 8:34am EST
 
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(Reuters) - The value of building permits jumped 11.1 percent in December from November, bettering a forecast for a 0.5 percent fall and reaching the highest level since June 2007, according to Statistics Canada data on Tuesday.

A 16.1 percent increase in the value of residential permits, mainly due to intentions to construct more condominium and apartment buildings in Ontario, led the advance.

The value of non-residential building permits also rose 2.8 percent on growing construction intentions for office buildings and warehouses in Alberta and hotels in Ontario.

NOTE: Analysts surveyed by Reuters had expected a decrease of 0.5 percent in the value of building permits in December. All figures are seasonally adjusted.

(Reporting by Ora Morison; Editing by Randall Palmer)