November 5, 2012 / 1:42 PM / 6 years ago

Canada building permits unexpectedly plunge in September

OTTAWA (Reuters) - The value of building permits issued in Canada unexpectedly fell by 13.2 percent in September from August, dragged down by a major drop in the non-residential sector, Statistics Canada data indicated on Monday.

The fall - the greatest since the 23.7 percent plunge recorded in April 2011 - was far greater than the 3.0 percent decrease forecast by market operators. Statscan revised August’s advance to 9.5 percent from an initial 7.9 percent.

Construction intentions in the non-residential sector plummeted by 30.8 percent in September after increasing by 27.7 percent in August.

All three components were down, with industrial and institutional permits posting particularly steep drops.

The value of residential permits climbed by 0.4 percent after two monthly decreases. Single-family dwellings advanced by 3.4 percent while multi-family dwellings dropped by 3.8 percent. (Reporting by David Ljunggren)

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