Around Town: Building Permit Values Break Records on Vancouver Island for Third Quarter
2016 Third Quarter Report from Greg Bayton, CEO of VICA
Residential and non-residential sectors continued their upward trajectory across Vancouver Island breaking year-over- year total permit values and employment records during the third quarter of 2016. Residential building permits edged up 3% to $562.7 million — the highest since the second quarter of 2007. For the second quarter in a row, non-residential permits surged 45 per cent to $155.2 million
Continued demand has the Vancouver Island Construction Association project at 30% increase in permit values over 2015.
“Continued demand conditions have caused us to adjust our year-end projections from a 10-20% gain to a minimum 30% gain over 2015,” said Vancouver Island Construction Association (VICA) CEO Greg Baynton.
Construction employment rose by 12.6 per cent to 38,500 across the Island, compared to the 34,200 persons employed in the second quarter. Most of this gain was in metropolitan Victoria, which saw a 31.2 per cent jump to 14,300 persons working in construction. Non-residential building costs increased 4.2 per cent year over year — the largest and fastest increase since 2014. “Our 2017 outlook is buoyed by population growth, an expanding economy, and low interest rates” Baynton said.
From VICA news release, dated November 17, 2016. For more information, please contact:
Greg Baynton, Chief Executive Officer, VICA
Cell: 250.588.8060
Email: gregbaynton@vicabc.ca
Website: www.vicabc.ca
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