July 7, 2016 / 12:37 PM / 2 years ago

Canada building permits drop as energy hub Alberta slumps

OTTAWA (Reuters) - The value of Canadian building permits issued in May dropped 1.9 percent from April, in part due to sharply weaker construction intentions in energy-producing Alberta, Statistics Canada said on Thursday.

A condominium construction site is seen in Toronto, in this March 11, 2014 file photo. REUTERS/Aaron Harris

Analysts polled by Reuters had predicted a 2.0 percent increase. Statscan revised April’s drop of 0.3 percent to a rise of 0.1 percent.

In Alberta, where a slump in oil prices has badly hit the province’s economy, the value of permits dropped by 22.5 percent after increasing by 26.9 percent in April. Every component posted a decline apart from single-family dwellings.

Nationwide, residential building permits declined by 1.1 percent on a 7.2 percent slide in construction intentions for single-family dwellings. Permits for multi-family dwellings increased by 7.1 percent.

The overall value of non-residential permits fell by 3.3 percent on lower construction intentions for commercial structures.

Reporting by David Ljunggren; Editing by Chizu Nomiyama

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