Investment in Moncton was steady in the first quarter of 2023 according to the city’s director of economic development.
“The investment outlook for 2023 is positive and we fully support the movement of new businesses choosing to make their mark in Moncton,” noted Kevin Silliker.
The total value of building permits in the City of Moncton for the first quarter ending March 31 came in at $22.5 million, spread over 129 total permits.
Almost 60 percent of permits were attributed to commercial and industrial projects, a sector that continues to see strong growth with values worth over $13 million so far in 2023.
The largest drivers included renovations to the Marshall Canada manufacturing building, at 66 English Drive, valued at over $3.4 million, and the construction of a two-story building for Sommers Motor Generator Sales Limited, at 295 Desbrisay Avenue, valued at over $2.3 million.
Residential projects in the first quarter 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 residential building permits included the construction of a $2.9 million, 24-unit apartment building at 10 Newcombe Drive, and a $1.7 million, 15-unit apartment building 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 percent,” said Mayor Dawn 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 largely due to renovations at the Oulton College Dental Centre at 5 Pacific Avenue, valued at $1 million.
