Moncton building permits weathering COVID-19 as residential development soars
Posted in: News Item
Date Posted: 2020-07-15
Organization Name: City of Moncton
The total value of permits for the second quarter ending June 30 came in at $56.6million, compared with $87 million during the same period last year. The number of permits issued for the quarter was 432, up from 376 in 2019. Year-to-date values for 2020 permits add up to $78.9 million, compared with $113.3 million last year.
Residential growth represented 74 percent of the quarter’s volume with $41.9 million in permit activity. This was largely driven by three new apartment buildings totaling $26.5 million and containing 260 units. Duplex construction was also strong with 68 new units valued at $9.1 million, as well as 23 single-family homes at $4.2 million.
Commercial activity has cooled noticeably in the second quarter due to COVID-19, with three-month totals of just $10.2 million, compared to $61.8 million during the same period last year. Key projects included a new eight-unit retail centre on Granite Drive valued at $2.4 million, a service garage on Frenette Street also valued at $2.4 million, a new hotel restaurant on Main Street valued at $1.4 million, a new research and development building on Cooke Drive, also at $1.4 million, and a $1 million renovation at NBCC on Mountain Road. Institutional permits accounted for $2.5 million or just four percent of the quarter’s activity, indicating that government and institutional spending remained low over this period.
“Times are definitely challenging, but development continues at a positive pace in our city,” said Mayor Dawn Arnold, adding that “I continue to hear from real estate professionals that our market is very hot right now. When people are discovering they can work from anywhere, mid-sized, safe, sustainable, walkable, friendly cities like Moncton have taken a new-found appeal for many.”
“We recognize that the last number of months haven’t been easy for a lot of our local businesses,” said Kevin Silliker, Director of Economic Development. “We’re confident that we will progressively get back to where we were prior to the pandemic and contribute strongly to our province’s economic rebound.”