January building permits down after December surge

Condominiums are seen under construction in TorontoOTTAWA (Reuters) – The Canadian construction industry scaled back its plans in January after an extraordinarily ambitious December, with the value of building permits in January falling by 12.3 percent, according to Statistics Canada data released on Wednesday. The drop wiped out December’s 10.5 percent advance, which had taken building permits to a seasonally adjusted 4-1/2-year high. The median forecast in a Reuters survey of analysts was for only a 4.0 percent decline. …

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