By Kim Mackrael
OTTAWA--Canadian building permits issued by municipalities fell to more normal levels in October following a sharp increase in the previous month.
The total value of building permits in October declined 14.6% from the previous month to a seasonally adjusted 8.17 billion Canadian dollars, or the equivalent of $6.29 billion, Statistics Canada said Monday. Market expectations weren't immediately available.
The previous month's data was revised to show building permits increased 18.6% in September, compared with a previous estimate of a 17% advance. The data agency said September's results were the second-highest value on record, while the October results were more in line with recent months.
On a year-over-year basis, the overall value of permits issued declined 3.3%.
Building permits provide an early indication of construction activity in Canada and are based on a survey of 2,400 municipalities, representing 95% of the country's population. The issuance of a permit doesn't guarantee that construction is imminent.
Statistics Canada said the value of residential permits declined 5.9% from the month before, following five consecutive monthly gains. Permits associated with nonresidential construction fell 29.5% after several large permits were issued in the previous month.
Write to Kim Mackrael at firstname.lastname@example.org
(END) Dow Jones Newswires