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Building Permits -- a sagging story

Construction in Canada is slowing -- but then there is a seasonal aspect to this in Canada.  However, the most important factor here is the dramatic drop in Commercial construction -- down nearly 21%.  This statistic is both true in the private as it is in the public segment of the industry.

Total value of permits
(Source: StatsCan)

The impact of a drop in construction (of such magnitude) is certain to impact GDP -- however that impact will be small, as construction is only about 3.5% of Canada GDP -- a 20% drop will translate into a much smaller change in the overall GDP.

It is hard to figures out what this all means, permit are

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