Release. Gains in industrial and public permits push total permits up to start 2014
Building permit values in Abbotsford rose 64 per cent in January 2014 from December 2013 (seasonally adjusted), with both industrial and institutional-government permits reappearing to lead the rebound, according to Vancouver Regional Construction Association’s analysis of Statistics Canada Building Permit Report.
“We saw another month of significant gains in non-residential permit values in Abbotsford, and while commercial permits were down after December’s spike, industrial and public permit gains pushed non-residential permits to their highest point since September 2012,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA).
Seasonally adjusted non-residential permit values jumped 98 per cent to $17.8 million in January 2014 from $9 million in December. Commercial permits fell 97 per cent to $0.2 million compared to $8.9 million, industrial permits shot up to $13.5 million from $0.1 million, while institutional-government permits reappeared at $4.1 million after none were issued in December. The seasonally adjusted value of residential permits dropped 13 per cent to $3.5 million in January 2014 from December’s $4 million.
VRCA’s outlook for 2014 is moderately positive, with some gains likely in tandem with some gains in the local economy. Residential permits will likely increase, as well as commercial and industrial permits to a smaller degree.
Regional Building Permit Highlights
- Seasonally adjusted total building permit values in the Abbotsford CMA rose 64 per cent to $21.3 million in January 2014 compared to $13 million in December 2013.
- Non-residential permits jumped 98 per cent to $17.8 million from $9 million.
- Residential building permits slipped 13 per cent to $3.5 million from $4 million.
- Total building permit values in Abbotsford were 38 per cent higher to $20.7 million in January 2014 compared to $14.9 million in January 2013.
- Non-residential permits were 1,120 per cent higher to $17.8 million compared to $1.5 million last January.
- Residential permits were 79 per cent lower to $2.7 million compared to $13 million last January.
- Total building permit values jumped 39 per cent in the Lower Mainland-Southwest region to $634.4 million in January 2014 compared to $454.8 million in December 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.