Around Town: Vancouver Island Construction Report for Q4 2017
Construction activity on Vancouver Island remained robust during the fourth quarter of 2017. While there were normal seasonal declines in building permits issued during the fourth quarter, several new major projects where started. Employment in the industry rose by 11 percent in the fourth quarter with most of the gain outside the Victoria metropolitan area.
Overall, building permits issued during 2017 were 23 percent higher than in 2016 with both residential and non-residential building permits contributing to the increase. The total value of all building permits issued for Vancouver Island during 2017 was $2.239 billion — a record high. Residential permits rose by 23 percent to $1.708 billion, also a record high, while non-residential permits rose by 21 percent to $530.4 million — just shy of the 2009 high.
The outlook for the Vancouver Island’s construction industry is positive for 2018 with economic and population growth fueling the demand for residential and nonresidential space. Higher interest rates and tighter regulatory measures on residential mortgages will cool housing sales but not cause a major correction.
For more information, contact:
Kelly Marion, Marketing & Communications
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