UPDATE 1-Canadian July building permits drop 3.3 pct

* Permits’ fall was slightly less than predicted

* Both residential, nonresidential sectors drop
(Adds details)

OTTAWA, Sept 8 (BestGrowthStock) – The value of Canadian building
permits issued in July dropped by 3.3 percent from June, in
line with market expectations, on weaknesses in both
residential and nonresidential sectors, Statistics Canada said
on Wednesday.

Traders predicted a 3.5 percent fall. Statscan revised
June’s month-on-month increase to 6.9 percent from an initial
6.5 percent.

Although building permits can be volatile, the figures
reflected recent data showing the pace of Canadian growth is
tapering off after a fast start to the year.

The overall value of permits was 33.0 percent higher than
in July 2009. Permits issued in the residential sector fell by
2.4 percent to C$3.5 billion ($3.3 billion) on a decline in
building intentions for both single and multiple family units.

Nonresidential intentions dropped by 4.3 percent in July
from June to C$2.9 billion, the fourth consecutive decrease, on
lower construction intentions for industrial and commercial
buildings.
($1=$1.05 Canadian)
(Reporting by David Ljunggren; editing by Jeffrey Benkoe)

UPDATE 1-Canadian July building permits drop 3.3 pct