Large jump in non-residential values not enough to offset residential drop to close out 2013
Submitted. Building permit values in Abbotsford slipped seven per cent in December 2013 from November 2013 (seasonally adjusted), with large gains in non-residential permits not enough to offset the drop in residential permits, according to Vancouver Regional Construction Association’s analysis of Statistics Canada Building Permit Report.
“We saw large gains in non-residential permit values in Abbotsford this month, almost all attributed to commercial permits,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “Residential permits were down after a large jump last month, but this sector generated a modest gain for the year as a whole.”
Seasonally adjusted non-residential permit values jumped 183 per cent to $9.0 million in December 2013 from $3.2 million in November. Commercial permits totaled $8.9 million compared to $0.5 million, industrial permits rose to $0.14 million compared to $0.11 million, while no institutional-government permits were issued in December. The seasonally adjusted value of residential permits dropped 63 per cent to $4.0 million in December 2013 from November’s $10.8 million.
VRCA’s outlook for 2014 is moderately positive, with some gains likely in tandem with some gains in the local economy. Residential permits likely be the main driver behind a gain in total permits, with commercial and industrial permits also likely to contribute to a smaller degree.
Regional Building Permit Highlights
- Seasonally adjusted total building permit values in the Abbotsford CMA slipped seven per cent to $13 million in December 2013 compared to $14 million in November.
- Non-residential permits shot up 183 per cent to $9.0 million from $3.2 million.
- Residential building permits fell 63 per cent to $4.0 million from $10.8 million.
- Total building permit values in Abbotsford were down 13 per cent to $162.8 million in 2013 compared to $186.4 million in 2012.
- Non-residential permits were 32 per cent lower to $64.7 million.
- Residential permits were up eight per cent to $85.9 million.
- Total building permit values were down 39 per cent in the Lower Mainland-Southwest region to $454.8 million in December 2013 compared to $740.2 million in November 2013.
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.