Jump in non-residential values not enough to offset drop in residential values
Submitted. Building permit values in Abbotsford dipped eight per cent in April 2014 from March (seasonally adjusted), with non-residential permit values rising while residential values fell, according to Vancouver Regional Construction Association’s regional analysis of today’s Statistics Canada Building Permit Report.
“April permits were down from March, but benefited from a rebound in public permits,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “We are anticipating more residential and non-residential investment in the medium term as Abbotsford’s economy continues to exhibit sustained growth signs.”
Seasonally adjusted non-residential permit values jumped 78 per cent to $4.7 million in April 2014 from $2.6 million in March. Industrial permits fell 25 per cent to 1.1 million from $1.4 million, while institutional-government permits rebounded to 3.6 million from near-zero previously. No commercial permits were issued in April. The seasonally adjusted value of residential permits dropped 20 per cent to $14.6 million in April 2014 from March’s $18.3 million.
VRCA’s outlook for Abbotsford in 2014 is positive, with a gain in total building permits likely over 2013.
Regional Building Permit Highlights
- Seasonally adjusted total building permit values in the Abbotsford CMA fell eight per cent to $19.3 million in April 2014 compared to $21 million in March 2014.
- Non-residential permits jumped 78 per cent to $4.7 million from $2.6 million.
- Residential building permits fell 20 per cent to $14.6 million from $18.3 million.
- Total building permit values in Abbotsford were 25 per cent higher to $70.1 million in the first four months of 2014 compared to $56.2 million in the same period last year.
- Non-residential permits were 100 per cent higher to $32.1 million compared to $16.1 million last year.
- Residential permits were six per cent lower at $36 million compared to $38.4 million last year.
- Total building permit values fell 27 per cent in the Lower Mainland-Southwest region to $423.2 million in April 2014 compared to $578.8 million in March 2014.
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.