(Photo: TDCB)
After setting a new record two years in a row, the City of Moncton appears poised to reach another all-time high for the value of building permits.
Through the first quarter of 2021, a total of 176 permits were granted for a value of $25.5 million. That surpasses the $22.5 million mark from the same period last year.
Much of the new developments will be residential construction, with a total of $20.3 million granted.
Moncton’s Director of Economic Development believes that a number of other factors also helped drive the value of permits.
“Residential development is strong, apartment construction is strong, industrial land development remains very strong, and downtown has been a hot spot over the last couple of years,” says Kevin Silliker.
In the past, the first quarter has proven to be a slow period providing optimism for how successful this year could be.
“Being at the stage that we’re at now is a very positive sign for us, and we hope we can continue the momentum,” says Silliker.
The Director noted that there are several solid projects in the pipeline for the second quarter that feature multiple large permits.
One area of Moncton’s building permits that has lagged is the commercial sector, representing 8% of the permits between January and March.
The pandemic has quieted the commercial development throughout the Hub City.
“It’s one of these areas of uncertainty where again we recognize we’re in a marathon, not a sprint,” says Silliker.
Many factors will affect how commercial permits rebound but most notably is the vaccine rollout.
Silliker believes that we will have to wait and see how employees return to the workplace before new spaces are created.
