Building Permits Plunge 54%

Building permit values in Abbotsford fell 54 per cent in February 2014 from January (seasonally adjusted), with both non-residential and residential permit values dropping, according to Vancouver Regional Construction Association’s analysis of Statistics Canada Building Permit Report.

“This month we saw permit values in most categories return to trend levels following high activity levels in January,” said Fiona Famulak, president of the Vancouver Regional Construction Association (VRCA). “Despite the drop in permits this month, Abbotsford’s economy has begun to display sustained growth signs for the first time in several years, and this is expected to continue, signaling the likelihood of more investment in residential, commercial and industrial investment in the medium term.”

Seasonally adjusted non-residential permit values fell 61 per cent to $6.9 million in February 2014 from $17.8 million in January. Commercial permits jumped to $3.3 million from $0.2 million, while industrial permits fell back to $0.6 million from $13.5 million, and institutional-government permits dropped to $3 million from $4.1 million. The seasonally adjusted value of residential permits dropped 17 per cent to $2.8 million in February 2014 from January’s $3.4 million.

VRCA’s outlook for 2014 is moderately 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 dropped 54 per cent to $9.7 million in February 2014 compared to $21.2 million in January 2014.
Non-residential permits fell 61 per cent to $6.9 million from $17.8 million.
Residential building permits slipped 17 per cent to $2.8 million from $3.4 million.
Total building permit values in Abbotsford were 44 per cent higher to $30.1 million in the first two months of 2014 compared to $20.9 million in the same period last year.
Non-residential permits were 491 per cent higher to $24.8 million compared to $4.2 million last year.
Residential permits were 16 per cent lower to $16.7 million compared to $19.8 million last year.
Total building permit values fell 16 per cent in the Lower Mainland-Southwest region to $533.7 million in February 2014 compared to $634.6 million in January 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.

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