Building permits reach $220.5 million year to date 2022-07-14
The total value of building permits so far in 2022 reached $220,514,540 spread out over 624 permits. The permit value for the second quarter of 2022 (ending June 30) alone came in at an impressive $180,427,445 spread out over 422 permits, representing over 4.5 times the value of building permits achieved in the first quarter of the year. May 2022 was the best May period in the past decade with building permit values for the month rounding up to $111.5 million.
“Construction and new development have been outstanding in Moncton. During each of the past three years, the City has broken records for building permit value, and 2022 is shaping up to be even more memorable.” explains Mayor Dawn Arnold. “New Brunswick’s population has now exceeded 800,000 people and we are seeing the highest rates of population growth since 1976 - growth that could not have been achieved without the continuous development of supporting infrastructure to create opportunities for people to move, invest, work, and live here.”
Residential construction is bustling with the number of building permits racking up to a staggering 199 for 639 new residential units, with permits worth a combined total of $100.3 million so far in the year. This was due to a highly productive second quarter with $83.1 million worth of residential construction permits achieved over 112 permits, adding 546 residentials units in Moncton. Notable projects include the construction of a $17.9 million, 111-unit apartment building located at 80 Morton Avenue, the construction of a $15.3 million, 107-unit apartment building located at 352 Millennium Boulevard, the building of a $12.6 million 90-unit multi-residential apartment found at 124 Murphy Avenue, and a $10 million, 48-unit apartment constructed at 7 Clover Street.
Institutional and government projects have been going strong, with building permits coming in at over $78.7 million spread over 25 building permits so far in 2022. In the second quarter alone, building permit value for institutional and government construction achieved $75.1 million distributed over 15 permits. The largest drivers include the construction of a new Codiac regional policing facility located at 199 Albert Street with the permit valued at $41 million, and the construction of a new elementary and middle school in the West End located at 989 St George Boulevard with the permit valued at $31.1 million.
Commercial construction is also on the rise in 2022 with year-to-date building permits valued at over $26.3 million over 76 permits, and second quarter permit value coming in at over $19.4 million over 40 permits. The most noteworthy projects in terms of permit value include the construction of a service station and repair garage with the permit valued at $3.7 million located at 260 Frenette Avenue, and the construction of retail wholesale outlets with the permit valued at $3.1 million located at 91 Horsman Road.
“May was another spectacular month for the City of Moncton in terms of the intake and processing of building permits, building momentum for new developments throughout the second quarter. We are very pleased that Moncton is seen as a leader in terms of development and that many of these new projects are helping to build a community we can be proud of. These big projects bring on opportunities to innovate – it’s a good time to think about integrating efficient and renewable energy sources and adopting environmentally friendly practices which can also represent an attractive competitive advantage!” said Elaine Aucoin, General Manager, Sustainable Growth and Development Services.
Information:
Communications, City of Moncton
communications@moncton.ca