FXstreet.com (Barcelona) - Canadian construction sector is starting to cool down, with building permits decreasing sharply in March, weighed by a strong decline in Alberta, which took the building permits to record the fourth decline in the last five months.
In March 2006, building permits dropped 4.5%, following a 1% decline in February, with both, residential and non-residential permits decreasing compared to the previous months.
In the first three months of the year, building permits have fallen 8.2% from the last three months of the previous year.
Permits have declined 5.7% in the residential sector, while the non residential sector posted a 2.4% decline. By Provinces, Alberta posted a 32.9% drop in permits, which has influenced the overall results, excluding Alberta, building permits would have risen 5.1%.