Building permits dropped by 1.7 per cent in May: StatsCan

The federal agency noted that on a year-over-year basis, the overall value of permits issued was down 4.5 per cent.

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The total value of building permits continued to decline in May, dropping by 1.7 per cent, according to the latest data from Statistics Canada released on Friday.

The decline was larger than what economists had anticipated and follows a 6.6 per cent drop in the value of permits from April, driven primarily by a sharp drop in non-residential construction.