(Photo: submitted by City of Moncton)
In the first nine months of 2022, Moncton issued $309.6 million worth of building permits, beating the previous year’s record with three months left to go.
The City of Moncton says it saw a total of $296.5 million in building permits in 2021, which at the time was a record.
This year, the city has issued $13.1 million (40 percent) more in building permits in the third quarter, versus the $220.9 million in building permits by the third quarter of 2021.
The city says that the third quarter alone saw more than $89 million across 327 permits.
Residential construction made up 76 percent of permit values. The city issued 94 building permits making room for 340 new residential units, worth $67.9 million, to hit the market.
These permits include the 114-unit, $28.1-million apartment building at 33 Foundry Street, the 107-unit, $15.5-million apartment building at 332 Millennium Boulevard, and the $10-million, 48-unit apartment building at 11 Clover Street.
“With these unprecedented levels of development activity, it will be important for the city to complete its Urban Growth Strategy, which will focus on how we will accommodate future growth and development across Moncton,” said the city’s director of planning and development, Bill Budd.
Commercial construction starts also saw a spike in 2022, with $42.2 million in 117 permits year-to-date and a third-quarter permit value of more than $15.8 million in 41 permits.
Some of the developments driving that growth include a $4.6-million service station and repair garage under construction at 65 Commerce Street, and the $1.1-million A&W restaurant under construction at 26 Fils de Jesus Avenue.
The third quarter of 2022 also saw $1.8 million in institutional construction, which made up about two percent of overall building permit activity, fueled by renovations to Université de Moncton ($547,000), and the Moncton Fire Department Station 2 at 800 Saint George Street ($400,000).
With contributions from Huddle Today, a content-sharing partner of Acadia Broadcasting.
