Around Town: VICA reports a 42 per cent increase in building permits
Construction activity on Vancouver Island continued at a robust rate during the April to June 2018 period (second quarter) with the total value of building permits issued reaching $806.9 million — a 42 per cent gain over the first quarter of 2018.
The Vancouver Island Construction Association is reporting a 42% increase in second quarter building permits, to a value of $806.9 million. Learn more …
Total spending on residential construction spiked 45 per cent Island-wide to $698.2 million while non-residential building construction increased 23 per cent to $108.6 million. Construction employment increased by 8.6 per cent Island- wide in the first half of 2018. Victoria led the way with 1,800 more workers on the job in the second quarter.
The Major Projects Inventory recorded a three per cent increase in the quarter to $60.6 billion. Rory Kulmala, CEO of the Vancouver Island Construction Association (VICA), pointed to projects in the works, including Union Bay Estates in the Comox Valley: a proposed 346-hectare residential and resort development with 2,949 mixed residential units, two hotels, 375,000 sq. ft. of commercial space, and a marina, to be developed over 20 years.
“By the end of 2018, I think we’ll see total building permits increase by about 20 per cent with construction employment up another three per cent or more,” Kulmala said.
Excerpts from the August 21 VICA press release.
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