– Rebound in all three non-residential permit categories leads total permit value rise –
Building permit values in Abbotsford rose 69 per cent in March 2013 from February 2013, led by a sharp rebound in non-residential permits, according to Vancouver Regional Construction Association’s analysis of Statistics Canada Building Permit Report.
Seasonally adjusted total building permit values in Abbotsford climbed in March 2013 to $10.7 million from $6.4 million in February 2013.
“Abbotsford saw a rebound in permit values in March, mostly on the strength of non-residential permit values, with the largest percentage gain in industrial permits and the largest dollar gain in commercial permits over February.” says Jan Robinson, interim president of the Vancouver Regional Construction Association (VRCA). “Commercial permits rose for the second straight month, but no significant or sustained uptrend is likely until market conditions are much tighter.”
Seasonally adjusted non-residential permit values shot up 166 per cent to $7.3 million from $2.7 million in February. Commercial permits climbed to $2.8 million in March, institutional-government permits rose to $3.5 million and industrial permits jumped to $1 million in March from practically nil in February. The seasonally adjusted value of residential permits slipped four per cent to $3.5 million in March 2013 from February’s $3.6 million.
VRCA’s outlook for 2013 for Abbotsford is mixed but slightly positive, with total permits likely to remain below the past ten-year average.
Regional Building Permit Highlights
- Seasonally adjusted total building permit values in the Abbotsford CMA rose 69 per cent to $10.7 million in March 2013 compared to $6.4 million in February.
- Non-residential permits shot up 166 per cent to $7.3 million from $2.7 million.
- Residential permits slipped four per cent to $3.5 million from $3.6 million.
- Total building permit values in Abbotsford were down 24 per cent year over year to $10.6 million in March 2013 compared to $13.8 million in March 2012.
- Non-residential permits were up 167 per cent.
- Residential permits were down 72 per cent.
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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.
Total building permit values fell 11 per cent in the Lower Mainland-Southwest region to $447.8 million in March 2013 from $504.1 million in February 2013.