UPDATE 1-Canadian May building permits unexpectedly plunge

* Markets had expected a 2.0 percent decrease

* Data shows Canadian recovery is far from complete
(Adds details)

OTTAWA, July 6 (BestGrowthStock) – The value of Canadian building
permits issued in May unexpectedly plunged 10.8 percent from
April on weaknesses in both residential and nonresidential
sectors, Statistics Canada data indicated on Tuesday.

Market traders had predicted a 2.0 percent fall. Building
permits can be volatile — they rose by 12.3 percent in March
— but the figures bolstered recent downbeat statistics which
indicate the Canadian economic recovery is far from complete.

The residential sector fell by 5.3 percent to C$3.7 billion
($3.5 billion) on a 9.2 percent decrease in permits for
single-family dwellings.

Nonresidential intentions dropped by 18.3 percent in May
from April to C$2.3 billion on a 35.2 percent dive in the
commercial component and a 21.6 percent slump in institutional
permits.

The one bright spot was a 47.1 percent increase in the
value of industrial permits. Overall, permits were up 13.9
percent from May 2009, when values were recovering from near
record lows.

($1=$1.06 Canadian)
(Reporting by David Ljunggren, Editing by Chizu Nomiyama)

UPDATE 1-Canadian May building permits unexpectedly plunge