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.