Construction in the Hub City continues to post a red hot pace, with substantial growth recorded across sectors.
Coming off a historic 2021, which saw building activity set new records, the City of Moncton has reported the first quarter of 2022 brought in an all-time high 202 permits, valued at a combined $40 million
It marks a 57% increase compared to the same period last year and makes it the highest value reached since 2017, according to the city.
“The City is seeing unprecedented growth, despite the last few years’ challenges with the pandemic,” said Mayor Dawn Arnold in a news release.
“Moncton is a prime destination for people to move to, invest, and expand their business – actions that speak to our community’s quality of life and limitless opportunities.”
Commercial and industrial developments lead the way with $18.5 million in permits, largely attributed to the construction of a manufacturing building located at 650 Frenette Avenue by Ideal Roofing Company Ltd. valued at over $7.3 million, and the redevelopment of 555 Mapleton Road by Cordova Realty Ltd valued at over $1.6 million.
Slightly behind is residential construction, which saw 87 permits, adding 93 new units to the market worth a combined total of $17.2 million.
Smaller contributions came from institutional and government infrastructure development. The most significant project is the $1.2 million renovations at the Dumont Hospital.
“March was a huge month for the intake and processing of building permits, building momentum for the city’s numerous infrastructure improvements and new developments to come in the second quarter,” said Kevin Silliker, Director of Economic Development.
“There are many projects coming down the pipeline for 2022 that will be tied to large-scale permits, projects that we look forward to supporting.”
