Around Town: Vancouver Island Construction Association Releases Building Permit Report for the First Quarter of 2016
Overall, total building permits issued on Vancouver Island rose 16 per cent in the first quarter of 2016 to $410.8 million from $352.8 million in the fourth quarter of 2015 and 21 per cent compared to the first quarter of 2015. Low interest rates, a growing population and strengthening economic conditions across all sectors combined to spur first-quarter building permits to surpass pre- recession highs according to the Vancouver Island Construction Association (VICA).
There were 32,100 jobs in the construction sector during the first quarter across Vancouver Island, with areas outside Victoria posting a 5.5 per cent increase or 1,000 more jobs compared to the fourth quarter of 2015. Greg Baynton, CEO of VICA stated “Improving economic conditions, rising demand for residential units and increased investment by the public sector is expected to boost total building permits by 15 to 20 per cent in 2016.”
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