Business

Rise in building permit values noted in New Year

Abbotsford building permit values rose 64 per cent in January 2014 from December 2013 (seasonally adjusted), according to Vancouver Regional Construction Association’s (VRCA) analysis of Statistics Canada building permit report.

“We saw another month of significant gains in non-residential permit values in Abbotsford, and while commercial permits were down after December’s spike, industrial and public permit gains pushed non-residential permits to their highest point since September 2012,” said Fiona Famulak, president of the VRCA.

Seasonally adjusted non-residential permit values jumped 98 per cent to $17.8 million in January 2014 from $9 million in December.

Commercial permits fell 97 per cent to $200,000 compared to $8.9 million, industrial permits shot up to $13.5 million from $100,000, while institutional-government permits reappeared at $4.1 million after none were issued in December.

The seasonally adjusted value of residential permits dropped 13 per cent to $3.5 million in January 2014 from December’s $4 million.

VRCA’s outlook for 2014 is moderately positive, with some gains likely in tandem with some gains in the local economy. Residential permits will likely increase, as well as commercial and industrial permits to a smaller degree.

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