(Photo: Inda Intiar)
The Hub City saw the value of building permits reach a record high of more than $251.5 million as of November, and the year isn’t over yet.
That’s almost $32.4 million more than the year-to-date figure last November.
The city has been breaking its construction permit records in the last few years. In 2017, the annual value of construction permits issued reached $243.4 million, surpassing the 2016 record high figure by $1.7 million. The number dipped slightly in 2018 to $222.6 million but is back to hitting a record high this year.
In November alone, 75 building permits worth more than $17 million were filed, much higher than the nearly $3.6 million worth of permits filed in November 2018.
“There’s so much growth city-wide,” the city’s economic development officer Kevin Silliker says. “We’re seeing investment in the area, and that’s showing growth in both the commercial and industrial side of things, as well as the residential side. Both of those areas are experiencing growth, and that turns into investment.”
Silliker says several factors contributed to strong building permit numbers in the past four years, including people who have moved into the area, companies that have relocated to Moncton, investment from outside New Brunswick and the city’s downtown development plan, among other things.
“[The numbers are a] validation that the environment we’re trying to create, we’re having success with…The investment in the Avenir Centre, we’re seeing the private sector respond to that,” he said.
The city completed the construction of the $110-million Avenir Centre in 2018 after a decade of planning.
New hotels, condominiums, restaurants and bars have since began construction or opened in and around the downtown core. Most recently, Tide & Boar Brewing announced it will expand its brewery and open a new taproom just a few minutes away from Avenir Centre.
The city is also experiencing growth in its north end, with a new YMCA under construction in the area.
Overall, both the residential and commercial and industrial sectors are seeing increased activity, with the latter accounting for the bulk of it. This year, around $96 million worth of residential building permits – including for multi-residential projects – were issued.
With residential vacancy only at 2.7 per cent, housing is a “pretty active file” for the city, he said. This includes conversations about low-income and generally more affordable housing options.
Silliker said while a lot of high-end housing options are being built and opened, developers are also buying up class C, or older, properties and redeveloping them.
In addition, the city’s industrial parks is experiencing growth with Organigram’s expansion, as well as Netco Electric and Day & Ross’ new facilities, for example, Silliker said.
He expects the rest of the year to be quieter. The final large project that may be approved for a building permit is the redevelopment of 100 Cameron St., the former home of McKenzie College. The approximately $10-million-plus project will see the building expanded and turned into a residential offering.
Silliker says there are large projects in the pipeline for next year, though he’s unsure if all of them will come online.
“If the projects that we know of come true, we’re going to have a pretty solid 2020,” Silliker said.
Moncton’s neighbour Dieppe has also logged a record high value of building permits issued in one year.
As of November, the city posted nearly $96.6 million in building permits, almost $40 million more than the same time last year.
This year’s figure surpassed its 2016 record of $90.1 million. The bulk of this year’s permits were for residential buildings.
Inda Intiar is a Reporter with Huddle Today, an Acadia Broadcasting content partner.
