OTTAWA (Reuters) - The value of Canadian building permits edged up 0.7 percent in October to C$7.53 billion ($6.61 billion), cooling after the previous month’s sharp gain as construction intentions for residential homes slipped, data from Statistics Canada showed on Monday.
Economists had been expecting a decline of 1.4 percent after a surge of more than 12 percent in September. The figures are seasonally adjusted.
Building permits for non-residential construction rose 2.4 percent as the industrial component jumped 34.4 percent on higher construction intentions for utilities buildings and manufacturing plants.
But permits in the residential sector fell 0.4 percent with a drop in construction plans in Quebec and Ontario accounting for most of the decline. Building permits for multi-family buildings fell 0.9 percent, while permits for single-family homes were unchanged.
(The story is corrected to insert dropped word “billion” in first paragraph)
Reporting by Leah Schnurr; Editing by Chizu Nomiyama