Around Town VICA’s Q1 Construction Report
The Vancouver Island Construction Association (VICA) has released their first quarter report for building permits on Vancouver Island and Powell River. Total building permits issued in the region during the first quarter of 2019 totaled $610.0 million, up 26 per cent from the fourth quarter of 2018.
Building permits were higher in most regional districts except in Alberni-Clayoquot and the Comox Valley. Large gains over the prior quarter occurred in the Nanaimo and Strathcona Regional districts.
All building categories posted gains in the quarter led by industrial and government permits. Non-residential building construction cost increases eased slightly to 5.5 per cent year-over-year in the quarter.
The region’s construction industry will remain active in 2019, particularly in the non-residential sectors. Total building permits in 2019 are expected to ease modestly from 2018’s record high.
Visit www.vicabc.ca for the complete report.
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