Building Permits In Moncton Drops From Last Year To $113.3 Million
MONCTON – The Hub City saw building permit values drop to $113.3 million at of the end of June from $145.6 million last year, it announced Friday.
The total value of permits for the second quarter up to June 30 was $87 million, a significant drop from $128 million during the same period last year. The city saw 376 permits for the quarter, a decrease from 395 the previous year.
Institutional permits made up for only $1.7 million, or 1 per cent of the quarter’s activity, signalling a significant drop in government and institutional spending.
Despite this, the city continues to be optimistic for the months to come.
“We are continuing to see construction projects and cranes across our city and that is very positive,” Mayor Dawn Arnold said in a release. “There is a diversity of new projects coming to life and it’s an indication that we remain an attractive market for both local and regional developers and builders. All indications for the next six months are extremely positive.”
Commercial and residential building permits posted three-month totals worth $56.7 million and $23 million, respectively.
The biggest drivers include Organigram’s expansion of its facilities on English Drive ($25.8 million), a new YMCA in the north end, a Hilton Garden Inn Hotel being built at the site of the former V Hotel ($10 million) on Highfield Street, a new medical office complex on Price Street ($4.3 million), a new retail complex along Granite Drive ($2.9 million), and two new apartment buildings on St. George St. totalling 64 units and worth a combined $7 million in permits.
The city’s economic development staff continues to closely work with developers in the region and beyond.
“Having attended the recent Atlantic Real Estate Forum in Halifax was especially positive,” said Kevin Silliker, the city’s director of economic development, in the release. “Construction, development, and real estate professionals from all over are paying very close attention to what is happening in our market.”