Fredericton Sets Record With $170-Million In Building Permits

An architectural rendering of the new office building that is under construction on Carleton Street. Image: submitted.

FREDERICTON – The city of Fredericton set a record for building permits with a total of $170-million issued in 2019, topping the previous high in 2010 by $2-million, the municipal government announced Wednesday.

It represented a big jump from 2018, when the total value of permits issued was $134-million.

The total value of construction in 2019 was above the five- and 10-year averages of $119-million and $117-million respectively. Commercial development was largely private sector driven. Valued at $76 million, it was more than double the annual average of $33-million.

The Ross Ventures commercial building under construction on Carleton Street is the largest private sector project under development in the downtown area, reflecting the ongoing commercial and residential growth in the city centre.

The population of Greater Fredericton has been growing steadily, which is sparking much of the development. As of July 1, 2018, Statistics Canada data shows the population of Greater Fredericton at 108,054, an increase of 6,294 from the 2016 metro population of 101,760. The city forecasts that Fredericton’s population will have grown from 62,000 to around 66,000 by the summer of this year.

The city’s Development Committee will release a more complete review of the growth number on January 16.

RELATED: Real Estate Developers Are Huddle’s Newsmakers Of The Year In Fredericton