Commercial and Industrial Permits Lead the Way in 2023 2023-04-11
The total value of building permits in the City of Moncton for the first quarter of the year ending March 31 came in at $22.5 million. This value was spread over 129 total permits with almost 60% of permits attributed to commercial and industrial projects, a sector that continues to grow strong in Moncton.
The value of commercial and industrial permits gained traction in 2023, with combined building permit values coming in at over $13 million so far in 2023. The largest drivers included renovations to the Marshall Canada manufacturing building, located at 66 English Drive, valued at over $3.4 million, and the construction of a two-story building for Sommers Motor Generator Sales Limited, located at 295 Desbrisay Avenue, valued at over $2.3 million.
“Investment in Moncton remains steady for the first quarter. The investment outlook for 2023 is positive and we fully support the movement of new businesses choosing to make their mark in Moncton” explains Kevin Silliker, Director of Economic Development. “Whether you’re exploring the market to start or expand your business, develop infrastructure, or looking to make a home in Moncton, our Economic Development team is here to offer you a wealth of resources.”
In the first quarter of the year, residential projects in Moncton were valued at $6.7 million, adding a much needed 63 units to the city’s housing market. The most notable projects included in the 35 building permits issued towards residential projects included the construction of a $2.9 million, 24-unit apartment building located at 10 Newcombe Drive, and a $1.7 million, 15-unit apartment building located at 83 Redmond Street.
“New building permits are great news for housing shortage concerns, especially with the recent reveal that Moncton is leading the nation with its population growth rate of 5.4%,” explains Mayor Arnold. “The Moncton CMA added 8,800 to its population last year, with immigrants and non-permanent residents accounting for a large majority of the growth, and we are pleased to see developers responding to the housing demand brought on by population growth in our community.”
Institutional permits accounted for over $1.4 million of the quarter’s activity. Contributing in large part to this success are the renovations to Oulton College Dental Centre valued at $1 million and located at 5 Pacific Avenue.
Communications, City of Moncton