Non-residential and residential permits drop, but 2014 values still forecast to come in ahead of 2013
Release – Building permit values in Abbotsford fell 28 per cent in October 2014 from September (seasonally adjusted), according to Vancouver Regional Construction Association’s regional analysis of today’s Statistics Canada Building Permit Report.
“While Abbotsford permits were down this month, we do not see this as a sign of deteriorating market conditions or investor sentiment,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “Year-to-date permits are currently tracking 16 per cent ahead of 2013, and we expect Abbotsford’s economy and building activity to show further improvement in 2015.”
Seasonally adjusted non-residential permit values fell nine per cent to $2.4 million in October 2014 from $2.6 million in September. Industrial permits rose four per cent to $2.2 million, commercial permits came in at $0.2 million. No institutional-government permits were issued in October. The seasonally adjusted value of residential permits fell 35 per cent to $4.1 million in October 2014 from September’s $6.4 million.
VRCA’s outlook for Abbotsford in 2014 remains positive with an upside bias, with double-digit gains in total building permits likely over 2013, with further gains in 2015.
Regional Building Permit Highlights
Seasonally adjusted total building permit values in the Abbotsford CMA fell 28 per cent to
$6.5 million in October 2014 compared to $9 million in September 2014.
Non-residential permits dropped nine per cent to $2.4 million from $2.6 million.
Residential building permits fell 35 per cent to $4.1 million from $6.4 million.
Total building permit values in Abbotsford were 16 per cent higher to $160 million in the first ten months of 2014 compared to $137.1 million in the same period last year.
Non-residential permits were 41 per cent higher at $73.9 million.
Residential permits were up three per cent to $75.5 million.
Total building permit values jumped 109 per cent in the Lower Mainland-Southwest region to $1.223 billion in October 2014 compared to $585.8 million in September 2014, setting a new record high for the region.
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.