2023 was the second-best construction year for the City of Moncton.
It issued $341 million in building permits, with standout successes in residential development.. They accounted for more than 59 percent of the year’s permit activity totalling $204 million, for 332 permits..
This has resulted in the addition of 1,177 new residential units to Moncton’s housing market, a significant contribution to meeting the city’s growing housing needs.
“Moncton continues to demonstrate its commitment to sustainable growth and development. The impressive residential sector performance underscores our city’s appeal as a vibrant and thriving community,” says Moncton Mayor Dawn Arnold.
Commercial and industrial sectors experienced $76 million across 156 permits.
Some of the key projects include a four-storey warehouse and office building at 55 Chief Noah Augustine Drive for Greenfoot Energy Solutions Inc., with an investment of $11.3 million, the Bayview Kenworth dealership at 175 Harrisville Boulevard, valued at $4.8 million, and a cold storage and office building by Cargo County, valued at $4.3 million, located at 180 Desbrisay Avenue.
The third phase of the Three Sisters mixed-use building at 19 Foundry St., which features 152 residential units, leads the way at $32.5 million.
“Moncton’s downtown revitalization is gaining momentum, with these notable projects contributing to the city’s economic vibrancy. We look forward to further enhancing our urban landscape in 2024,” says Kevin Silliker, the City of Moncton’s director of economic development.
Institutional development also made significant strides in 2023, reaching $52 million.
