Take Stock – October 7

The value of building permits issued in August slipped for the second straight month, weighed down by a sluggish commercial construction sector amid growing anxiety about the weak economic recovery.

Building permits drop for second straight month

OTTAWA _ The value of building permits issued in August slipped for the second straight month, weighed down by a sluggish commercial construction sector amid growing anxiety about the weak economic recovery.

The 10.4 per cent drop from July brought the total value to $5.9 billion for the month as permits for the construction of offices, factories, schools and hospitals also fell for the second consecutive month. The so-called non-residential sector slipped 16.6 per cent to $2.3 billion, raising concerns about weaker business confidence, while permits for the larger residential sector, which includes condos and apartments, slipped six per cent to $3.6 billion after growing for three straight months.

CIBC called the statistics “disappointing” in light of “expectations for a mild gain.” Housing starts in August slipped to a seasonally adjusted annual rate of 184,700 units, down from 204,500 in July, as builders started work on fewer condominiums and apartments.


Sprott power acquires 100MW wind power project

FORT MACLEOD, — Sprott Power Corp. (TSX:SPZ), a developer, owner and operator of renewable energy projects, says it has acquired the rights to a 100 megawatt wind energy development near Fort MacLeod. Financial terms of Thursday’s announced deal were not revealed. The project near the southern Alberta community adds to the 40 MW wind development Sprott acquired earlier this year — bringing the Toronto company’s total development capacity in Alberta to 140 MW. “The demand for electricity in the Alberta market is expected to grow at 2.9 per cent per year, on average, over the next 10 years,’’ said Jeff Jenner, president and CEO of Sprott Power. “Sprott Power is focused on building clean renewable projects to help meet the increasing energy demand in this growing market.”