Around Town Vancouver Island leads BC in construction start values
B.C.’s average construction start value for projects over $50 million fell 30.7 per cent to $197 million in 2018 from $284.9 million in 2014, according to data on Business in Vancouver’s list of the biggest B.C. construction starts in 2018.
However, the five-year analysis understates the volatility of the province’s high-value construction starts. In 2015, average construction start values spiked to $668 million, more than doubling the average value in 2014. The province has been unable to match the 2015 peak since.
Although the Lower Mainland experiences, for the most part, the highest total value of construction starts, the average value tells a different story. Vancouver Island had the highest average construction start value in 2014 and 2018; Vancouver took second place.
The Fraser Valley posted both the lowest total and the lowest average values for construction starts. Nevertheless, it’s been the only region with consistent growth over the five-year period covered by Business in Vancouver’s list. It can also claim to be the region with the greatest amount of growth, increasing 143 per cent to $158 million in 2018 from $65 million in 2014. The Fraser Valley and Vancouver Island were the only regions to report average construction start value growth since 2016.
Except from Business in Vancouver – April 10
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