Building Permit Numbers Start Strong in 2024 2024-04-25

 
Moncton is currently in the midst of a construction boom, with a staggering 183 permits issued in the first quarter of the year, up to March 31, 2024. The total permit value skyrocketed to $56.5 million, more than double compared to the same period in 2023, which saw a value of $22.5 million. 

Residential construction accounted for 37 per cent of the total value of building permits, with 164 residential units valued at $21 million approved for construction. These residential options will augment Moncton’s housing market, adding much-needed supply and inventory. Notable projects include a $15.9-million, 129-unit apartment building on McLaughlin Drive and a $2.6-million, 18-unit apartment building on Bavaria Lane. 

Institutional and governmental infrastructure projects accounted for $2.7 million in permits. Notably, the $1.3-million medical clinic renovation at 120 Morton Ave. stands out as a positive investment.  

“The substantial increase in building permit activity reflects Moncton’s attractiveness as a destination for investment and development,” says Moncton Mayor Dawn Arnold. “We remain committed to supporting sustainable growth and fostering an environment where businesses can thrive.” 

Commercial and industrial projects are also bustling, representing 56 per cent of the permit volume, totaling more than $32 million. Noteworthy projects are the $14.7-million warehouse construction by Greystone Energy Systems on Desbrisay Avenue and a $4.2-million expansion of the Napa Distribution Centre on Edinburgh Drive. 

“The surge in commercial and industrial development highlights this sector’s pivotal role in fueling Moncton’s economic growth,” says Kevin Silliker, the City of Moncton’s director of economic development. “These sectors are the heartbeat of our city’s prosperity, driving job creation and economic impact. They are the backbone of Moncton’s thriving economy and will shape its trajectory for years to come.”  

Information: 

Communications, City of Moncton 
communications@moncton.ca