Abbotsford building permit values drop in August – Decline in residential permit values offset non-residential gains
Submitted. Building permit values in Abbotsford fell 30 per cent in August 2014 from July (seasonally adjusted), as significant declines in residential permits offset gains seen in industrial and public permits, according to Vancouver Regional Construction Association’s (VRCA) regional analysis of today’s Statistics Canada Building Permit Report.
“Abbotsford permits fell in August, with both residential and commercial permits seeing significant declines following two relatively high months,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “While we are seeing considerable monthly volatility in non-residential permits, we are expecting Abbotsford’s economy and markets to show further improvement and gains through 2015.”
Seasonally adjusted non-residential permit values rose 25 per cent to $11.3 million in August 2014 from $9 million in July. Industrial permits spiked 601 per cent to $7.1 million from $1 million, while institutional-government permits jumped 61 per cent to $3.4 million from $2.1 million, and commercial permits dropped 87 per cent to $0.8 million from $5.9 million. The seasonally adjusted value of residential permits dropped 65 per cent to $5.1 million in August 2014 from July’s $14.5 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 fell 30 per cent to $16.4 million in August 2014 compared to $23.5 million in July 2014.
- Non-residential permits rose 25 per cent to $11.3 million from $9 million.
Residential building permits dropped 65 per cent to $5.1 million from $14.5 million.
- Total building permit values in Abbotsford were 23 per cent higher to $143.5 million in the first eight months of 2014 compared to $116.2 million in the same period last year.
- Non-residential permits were 62 per cent higher at $68.9 million.
- Residential permits were up five per cent to $66.8 million.
- Total building permit values fell 34 per cent in the Lower Mainland-Southwest region to $544.9 million in August 2014 compared to $819.6 million in July 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.