Moncton is seeing a strong start to the year when it comes to building permits.
City officials said a staggering 183 permits were issued during the first quarter.
Those permits were valued at $56.5 million, more than double what we saw during the same time last year.
“The substantial increase in building permit activity reflects Moncton’s attractiveness as a destination for investment and development,” Mayor Dawn Arnold said in a news release.
“We remain committed to supporting sustainable growth and fostering an environment where businesses can thrive.”
A total of 164 residential units valued at $21 million were approved for construction during the first three months of the year, accounting for 37 per cent of the total value of building permits.
They include a 129-unit apartment building on McLaughlin Drive and an 18-unit apartment building on Bavaria Lane.
Commercial and industrial projects represent 56 per cent of the permit volume, totalling more than $32 million.
Major projects include the $14.7-million warehouse construction by Greystone Energy Systems on Desbrisay Avenue and a $4.2-million expansion of the Napa Distribution Centre on Edinburgh Drive.
Meanwhile, institutional and governmental infrastructure projects made up $2.7 million of the permit total. It includes a $1.3-million medical clinic renovation on Morton Avenue.
Kevin Silliker, director of economic development for the city, said the surge in commercial and industrial development highlights this sector’s pivotal role in fueling Moncton’s economic growth.
“These sectors are the heartbeat of our city’s prosperity, driving job creation and economic impact. They are the backbone of Moncton’s thriving economy and will shape its trajectory for years to come.”
