Around Town: Vancouver Island Construction Report for Third Quarter, 2014
The following summary comes from Greg Bayton, CEO of the Vancouver Island Construction Association (VICA):
Total building permits issued across Vancouver Island, a key sign of construction activity, rose 16.7 per cent in the third quarter from the second quarter. Total values topped $385.5 million, led by a 21.9 per cent increase in residential permits. “Residential activity continues to lead activity in the construction sector,” said Greg Baynton, CEO of VICA.
Total non-residential construction building permit values dropped 13.4 per cent in the quarter. However the year-to-date total value of permits issued was 18.1 per cent higher than in the first three quarters of 2013. Seasonal factors will temper growth in the fourth quarter. Year-to-date building permits totaled $1.012 billion, 12.3 per cent higher than the same period last year. Residential permits were 16.6 per cent higher while non-residential permits were 12.7 per cent lower. Public sector permits were up 41.3 per cent. Construction sector employment increased 20.7 per cent in the third quarter of 2014 versus the second quarter.
Greg Baynton, Chief Executive Officer, Vancouver Island Construction Association
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