Around Town: Vancouver Island Construction Association Reports 18.6 % Increase in Construction Activity in 2014
Total building permits issued across Vancouver Island, a key sign of future construction activity, rose 18.6 per cent in 2014 versus 2013 reports Vancouver Island Construction Association (VICA) topping $1.3 billion. In 2014, the Nanaimo Regional District had the largest percentage gain in building permits at 59.9 %
Residential activity is expected to support gains in the construction sector employment in 2015, as housing market conditions continue to improve. “This is the first time we have reported an annual gain in permit values since 2010” said Greg Baynton, CEO of VICA. “The outlook for Vancouver Island’s construction sector in 2015 is the best it’s been since the 2008/2009 recession.”
The total amount of non-residential building construction issued was 6.9 per cent higher, at $385.3 million.
“The drop in fuel prices, lower financing costs and Canadian dollar set the stage for increased economic performance and construction activity on Vancouver Island,” states Baynton.
For executive summary, full regional data and graphs click here.
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