Residential Growth Remains Strong In Moncton Despite Covid-19
MONCTON – Residential growth remains strong in Moncton despite the overall economic slowdown caused by Covid-19, with $41-.9-million worth of building permits issued in the second quarter of 2019.
Residential growth was largely driven by three new apartment buildings totaling $26.5-million and containing 260 units. Duplex construction was also strong with 68 new units valued at $9.1-million, as well as 23 single-family homes at $4.2-million.
“Times are definitely challenging, but development continues at a positive pace,” said Mayor Dawn Arnold in a release. “I continue to hear from real estate professionals that our market is very hot right now. When people are discovering they can work from anywhere, mid-sized, safe, sustainable, walkable, friendly cities like Moncton have taken a new-found appeal for many.”
The total value of commercial and residential permits issued for the second quarter ending June 30 came in at $56.6-million, compared with $87-million during the same period last year. The number of permits issued for the quarter was 432, up from 376 in 2019. Year-to-date values for 2020 permits add up to $78.9-million, compared with $113.3-million last year.
Commercial activity cooled noticeably in the second quarter because of Covid-19, with three-month totals of just $10.2-million, compared to $61.8-million during the same period last year.
Key projects included a new 8-unit retail centre on Granite Drive valued at $2.4 million, a service garage on Frenette Street also valued at $2.4 million, a new hotel restaurant on Main Street valued at $1.4 million, a new research and development building on Cooke Drive, also at $1.4 million, and a $1 million renovation at NBCC on Mountain Road.
The city’s economic development team continues to work closely with businesses and developers to facilitate economic recovery.
“We recognize that the last number of months haven’t been easy for a lot of our local businesses,” said Kevin Silliker, director of economic development. “We’re confident that we will progressively get back to where we were prior to the pandemic and contribute strongly to our province’s economic rebound.”