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Building permits on the rise in 2016


January 11, 2017

MONCTON – The economic climate in Moncton continues to show signs of growth and optimism as the City closes its books on 2016.

The year ending December 31, 2016 saw a record breaking $241.7 million in building permits taken out in the City of Moncton, which included $91.5 million in permits for the Downtown Centre that is currently under construction. The 10-year average is $166 million, ranging from a low of $128 million seen in both 2008 and 2015, to this year’s high of nearly $242 million.

Residential development had a major boost in November, with nearly $18 million in permits being issued to Shannex Corp., which is developing multiple seniors’ apartment complexes on the lands of Université de Moncton. This brings the year’s residential total to $58 million, which soundly beats the $32.5 million from 2015 and nearly gets back to the 10-year average of $60.4 million.

Commercial and industrial projects were strong through the year, coming in at $162 million ($70.6 million net of the Downtown Centre). While the total is a record high, the net amount represents the fourth-highest showing over the past 10 years, and includes strong growth within the Downtown core itself. The 10-year average for commercial permits is just shy of $65 million.

“To have this level of development activity in the Downtown is vitally important,” explained Mayor Dawn Arnold. “Our Downtown core has been stable, but not seeing the kind of growth that I know we are capable of. This news is very encouraging, and I believe we are only at the beginning.”

Institutional permits were in at $17.5 million, down sharply from $45.7 million in 2015. The 10-year average for institutional permits is $28.7 million, and is largely dependent on government spending.

“We definitely hit some key milestones in 2016. The private sector investment in both the commercial and residential segments demonstrates considerable confidence in Moncton’s economy,” said Kevin Silliker, Director of Economic Development.  “We are starting the New Year with some promising new projects, and we will be working hard to see those and others through.”2016 Building Permit Graph JPG

INFORMATION:
Richard Dunn, Economic Development Officer
City of Moncton
506-853-3599 / Richard.dunn@moncton.ca