City of Moncton Building Permits Reach $341 million in 2023 2024-01-18

The City of Moncton had its second-best construction year ever in 2023, issuing a total of $341 million in building permits. The total was only bested by the $366 million achieved in 2022, affirming the city's continued resilience and strong and sustained growth.

The standout success for 2023 was in residential development, accounting for more than 59 per cent of the year's permit activity, totalling $204 million across 332 permits. This has resulted in the addition of 1,177 new residential units to Moncton’s housing market, a significant contribution to meeting the city's growing housing needs.

“Moncton continues to demonstrate its commitment to sustainable growth and development. The impressive residential sector performance underscores our city's appeal as a vibrant and thriving community,” says Moncton Mayor Dawn Arnold.

In 2023, the commercial and industrial sectors experienced a substantial influx of investment, totalling an impressive $76 million across 156 permits. Key projects within this notable portfolio included the construction of:

• a four-storey warehouse and office building at 55 Chief Noah Augustine Dr. for Greenfoot Energy Solutions Inc., with an investment of $11.3 million
• the Bayview Kenworth dealership at 175 Harrisville Blvd., valued at $4.8 million
• a cold storage and office building by Cargo County, valued at $4.3 million, located at 180 Desbrisay Ave.

Since 2017, Moncton’s downtown market has witnessed the addition of 1,092 new units. Notably, building permits in the downtown area surged to $66.5 million in 2023, marking a significant increase of 1.7 times the value achieved in 2022. This boost resulted in 243 new housing starts. The third phase of the Three Sisters mixed-use building at 19 Foundry St., which features 152 residential units, lead the way at $32.5 million.

Other noteworthy downtown projects include a mixed-use building at 1333 Main St., housing 89 residential units with a permit value of $23.3 million, and the Aquilini Properties' restaurant/bar permit at 999 Main St., totalling $2.8 million.

“Moncton's downtown revitalization is gaining momentum, with these notable projects contributing to the city's economic vibrancy. We look forward to further enhancing our urban landscape in 2024,” says Kevin Silliker, the City of Moncton’s director of economic development.

Institutional development also made significant strides in 2023, reaching $52 million through 49 permits. Key projects contributing to this success include the $32.5-million Moncton Hospital construction of a two-storey addition for coronary care services at 80 Arden St. and a $6-million construction project for a two-storey nursing home addition with 60 new bedrooms at 75 Souvenirs St.

Information:

Communications, City of Moncton
communications@moncton.ca