Residential gains push total permit values up in July, offset slightly by drop in industrial permits
Submitted. Building permit values in Abbotsford rose 14 per cent in July 2014 from June (seasonally adjusted), with rises in commercial, institutional-government and residential permits, according to Vancouver Regional Construction Association’s regional analysis of today’s Statistics Canada Building Permit Report.
“Abbotsford permits rose again in July, rising in all permit categories except for industrial,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “Further gains, both in non-residential and residential permits values are anticipated as the local economy continues to improve and investor confidence strengthens.”
Seasonally adjusted non-residential permit values fell 10 per cent to $9 million in July 2014 from $10 million in June. Industrial permits dropped 78 per cent to $1 million from $4.7 million, while institutional-government permits jumped 219 per cent to $2.1 million from $0.7 million, and commercial permits rose 25 per cent to $5.9 million from $4.7 million. The seasonally adjusted value of residential permits rose 37 per cent to $14.4 million in July 2014 from June’s $10.5 million.
VRCA’s outlook for Abbotsford in 2014 is positive with an upside bias, with double-digit gains in total building permits likely over 2013.
Regional Building Permit Highlights
Seasonally adjusted total building permit values in the Abbotsford CMA rose 14 per cent to $23.4 million in July 2014 compared to $20.5 million in June 2014.
Non-residential permits dropped 10 per cent to $9 million from $10 million.
Residential building permits rose 37 per cent to $14.4 million from $10.5 million.
Total building permit values in Abbotsford were 23 per cent higher to $126.7 million in the first seven months of 2014 compared to $103.4 million in the same period last year.
Non-residential permits were 39 per cent higher at $57.6 million.
Residential permits were up 20 per cent to $62.4 million.
Total building permit values jumped 47 per cent in the Lower Mainland-Southwest region to $819.6 million in July 2014 compared to $559.2 million in June 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.