Fredericton Saw Nearly $135 Million Worth Of Developments In 2018
FREDERICTON – The total value of construction in New Brunswick’s capital city last year reached $134.8 million following strong private sector investments and population growth.
That was the third consecutive year of growth in the total value of construction, said Councillor Bruce Grandy, Chair of the City of Fredericton Development Committee.
“Fredericton is experiencing tremendous growth,” said Grandy in a release. “Recent and upcoming construction projects in Fredericton are showing the success that comes from partnerships built on the visions identified in plans like our Growth Strategy, City Centre Plan, and Main Street Plan.”
The value of developments is $16.8 million higher than that of 2017, and $20.8 million more than the 10-year average.
Commercial construction increased from $26 million in 2017 to $34.8 million in 2018. The developments include a new office tower on Carleton Street, the Auto City mixed-use building on Main Street and a new Sobeys on Prospect Street, among others.
Greater Fredericton saw the unemployment rate fall from 8.5 per cent in 2014 to 7.5 per cent last year. At the same time, its population increased by 4,000 people, according to Statistics Canada. This boosted residential developments, the city said. The total value of residential construction went up by $4 million to $57 million in 2018.
“There is a buzz of activity in Fredericton that you see throughout the city,” Grandy said. “This activity is attracting investors and new residents.”
Six of the last 10 years brought over than $100 million annually in development activity, with 2010 hitting a 10-year record of $168.2 million.
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