Statistics Canada reported Thursday that building permits in the country totaled$6.2 million in November,down 17.9 percent from October and the lowest level since January 2012.The drop followed a 15.9 percent increase in October.The decrease was primarily the result of lower construction intentions in both the non-residential and residential sectors in Ontario.
Between January and November 2012,contractors took out permits worth$74.5 billion,11 percent higher than in the same period in 2011.Total permits value for the first 11 months of 2012 also surpassed the pre-recession peak of$74.4 billion for the entire year of 2007.
Construction intentions in the non-residential sector fell 30.6 percent to$2.4 billion,following a 53.6 percent increase the previous month.
In the residential sector,the value of permits declined 6.8 percent to$3.8 billion in November,following a 4.4 percent decline the previous month.Construction intentions in the industrial component fell 60.7 percent to$427 million in November after surpassing the$1 billion mark in October when the value of permits more than tripled(up 217.9 percent).
The decrease in November was largely the result of lower construction intentions for manufacturing plants,transportation-related buildings and utilities buildings.