Building permit values drop in March

The value of building permits issued by Canadian municipalities fell 5.8 percent to $7 billion in March, marking a second consecutive monthly decrease. Nationally, the decline was mainly the result of lower construction intentions for multi-family dwellings. The value of building permits for non-residential structures edged down 0.5 percent to $2.4 billion in March, a second consecutive monthly decline. Lower construction intentions for commercial buildings led the drop. In March, construction intentions for commercial structures fell 7.6 percent to $1.3 billion. The institutional component climbed 9.1 percent to $658 million in March. The value of building permits issued for industrial structures rose 10.5 percent to $440 million in March.