January 10, 2013 at 12:00 PM EST
Bldg. permits slump to '12 low
Bldg. permits slump to '12 low The value of building permits issued by Canadian municipalities dropped to $6.2 billion in November, an 18% decline from the previous month's level and the lowest level of calendar 2012. Statistics Canada said Thursday said Ontario was responsible for much of the drop, with declines in the residential and non-residential sector. Building permits are seen as a leading indicator of the economy because signal intentions to invest and build for the future, which people generally only undertake if they are feeling optimistic about the future. Construction intentions in the latter fell 30.6% to $2.4 billion, while in the former, they declined 6.8% to $3.8 billion. Despite the November drop, building permits for the first 11 months of 2011 came in 11% higher than they were the previous year. And with a total value of $74.5 billion, they are now worth more than what was seen in 2007, the last year before the most recent recession. Construction intentions fell in seven provinces in November. Ontario posted the largest decline, followed by Quebec and Saskatchewan. The value of building permits fell in 19 of 34 Canadian cities that the data agency tracks. Toronto, Hamilton and Québec City led the declines, while the largest increases occurred in Winnipeg, Vancouver and Kitchener–Cambridge–Waterloo.
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here