Moncton Sees Steady Growth in Building Permits 2024-10-09

The City of Moncton continues to see robust development activity, with building permit data for the third quarter of 2024 reflecting substantial growth across residential, commercial, and industrial sectors. From July to September, the city issued a total of 346 building permits, representing a total construction value of $84.3 million.

This quarter's performance contributes to an impressive year-to-date total of $232.9 million in building permit value – a remarkable 34 per cent increase compared to the same period in 2023, which saw $173.3 million.

Residential construction continues to dominate, representing 67 per cent of the total permit volume in the third quarter, amounting to more than $56.7 million. This surge in housing development added 370 new residential units to Moncton’s housing market. Significant projects include a $17.3-million, 135-unit apartment building at 290 Millennium Blvd. and a $12.3-million, 59-unit apartment complex at 2500 Mountain Rd.

“Moncton’s sustained development confirms our community’s attractiveness for residents, businesses, and investors alike. With our housing market expanding and key institutional and commercial projects in the works, our city continues to grow in a positive way,” says Moncton Mayor Dawn Arnold. “These numbers reflect Moncton's ongoing progress as a leading city in Atlantic Canada.”

Institutional and government infrastructure investments saw steady growth in the third quarter, with a total value of $5.7 million. A key project includes the $1.5-million conversion of the warehouse/office building at 210 Millennium Blvd. to accommodate the new Eastgate private school.

Commercial and industrial projects continue to drive the city’s economic expansion, representing 22 per cent of the building permit volume for the third quarter, amounting to more than $18.6 million. Notable projects include the construction of a $6.5-million, 38,500 sq. ft. warehouse at 35 Loostouk St. for Kerr Controls and a future commercial tenant, along with a $3.6-million office/warehouse building for ET Transport at 825 Frenette Ave.

“The building permit activity in the third quarter of 2024 reinforces Moncton's standing as a dynamic hub for investment,” says Kevin Silliker, the City of Moncton’s director of economic development. “Our residential and commercial sectors are seeing significant growth, helping us meet the demand for housing and infrastructure. We are proud to support projects that will enhance Moncton's economic vitality and quality of life for years to come.”
 

Information

Communications, City of Moncton
communications@moncton.ca