First Time In Two Years
Industrial and commercial activity lifts construction spending for first time in eight quarters
Submitted. Non-residential construction investment in the Abbotsford CMA rose 14.2 per cent in the second quarter of 2014, according to Vancouver Regional Construction Association’s analysis of Statistics Canada’s Investment in Non-Residential Building Construction report.
“Total non-residential building construction spending in Abbotsford saw a quarterly rise for the first time since the first quarter of 2012,” says Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “This was due to increased commercial and industrial spending.”
Total non-residential building construction investment spending in Abbotsford was up to $28.4 million seasonally adjusted in the second quarter of 2014, compared to $24.9 million in the first quarter of 2014. Commercial construction investment rose 14.3 per cent to $10.7 million and institutional-government spending fell 9.2 per cent to $11.1 million, while industrial building investment jumped 99.3 per cent to $6.7 million.
“Recent building permits suggest that while industrial spending should hold up in the near term, we will likely see declines in commercial and public spending until another large project commences,” says Famulak.
Metro Vancouver saw a 4.4 per cent decline in total non-residential building construction investment in the second quarter of 2014 to $789 million seasonally adjusted, from $825 million in the first quarter of 2014.
Highlights from the first quarter 2014 Investment in Non-residential Building Construction report:
Abbotsford Census Metropolitan Area (CMA)
Non-residential building construction investment rose 14.2 per cent to $28.4 million seasonally adjusted in the second quarter 2014 from $24.9 million in the first quarter of 2014.
– Commercial building spending increased 14.3 per cent to $10.7 million.
– Industrial building investment climbed 99.3 per cent to $6.7 million.
– Institutional-governmental building investment declined 9.2 per cent to $11.1 million.
YTD 2014 compared to YTD 2013
Total non-residential building construction investment spending was down 37.3 per cent to $54 million in in the first two quarters of 2014 compared to $86.1 million in the first two quarters of 2013.
– Commercial building investment spending was down 51.8 per cent to $20.3 million from $42.2 million.
– Industrial building investment spending was up 14.1 per cent to $10.1 million from $8.8 million.
– Institutional-government building investment spending was down 32.7 per cent to $23.6 million from $35 million.
For a look at the full report click here.
With close to 700 members, VRCA is British Columbia’s largest and most inclusive regional construction association, representing union and non-union, general and trade contracting companies, manufacturers, suppliers and other professionals throughout the Lower Mainland from Hope to Whistler.