Residential Contruction Leads The Way In Moncton
MONCTON – The value of building permits in the Hub City came in at $56.7-million in the third quarter ending Sept. 30, a significant drop from $99.9-million in the same period last year.
The lower value comes despite a higher number of permits (454) for the period compared to last year (324).
Overall, building permits filed so far this year totals $128-million, also a significant decrease from $213-million last year. But as more smaller projects are being taken on, the number of permits has increased by over 20 percent in the first nine months of the year.
The pandemic mainly affected commercial projects. In the first nine months of the year, only $31.9-million worth of commercial building permits has been filed, compared to $126-million for the same period last year.
Residential permits, on the other hand, held steady at $80.5-million.
Director of economic development Kevin Silliker said in a press release that “the demand for housing of all types continues to be very strong.”
“The City’s business community continues to weather the pandemic admirably in spite of continued uncertainty that lies in the months ahead,” he added.
For the third quarter only, both residential and commercial building permits were worth $26.1-million and $15.1-million, respectively.
The biggest residential projects include three new apartment buildings worth $21-million, adding 175 units to the housing market.
The largest commercial projects include a $5.5-million industrial building, a $2.9-million mixed-use building renovation, a $2.6-million special care home, and a $1.6-million equipment dealership.
Schools, hospitals and churches saw renovations in the third quarter, with institutional permits up $4.4-million.
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