The total value of building permits issued in Prince George in 2018 has already reached an all-time high of $169.26 million, easily surpassing the previous high mark of $147.88 million set in 2007, according to figures released by the city.
The value includes a record amount of private sector investment, which at $135.17 million, represents nearly 80 per cent of the total and passes the previous record of $121.6 million set in 2016. Residential building permit values have also set a new record at $100.31 million.
“The value of building permits is a key measure of economic progress,” said Lyn Hall, Mayor of Prince George. “This number suggests a great increase in construction activity and related employment, as well as other direct and indirect economic benefits.”
The top 10 projects for 2018 are as follows:
- New construction of Kelly Road Secondary School: $28,322,950
- Parkade next to City Hall: $12,927,973
- Apartment building in College Heights (Building B): $6,700,000
- Apartment building in College Heights (Building A): $5,855,000
- Renovation at UHNBC: $5,200,000
- Federated Co-Operatives Ltd. New Bulk Plant (BCR Industrial Park): $3,500,000
- Addition to Show Lounge at Treasure Cove Casino: $3,000,000
- New multi-family development (3rd Ave): $2,600,000
- New multi-family development (Vanier Drive): $1,600,000
- (Tie) Alterations to temporary community living space for AWAC in downtown Prince George (Association Advocating for Women and Children): $1,500,000
Interior alterations and patio canopy addition to Browns Socialhouse at Pine Centre $1,500,000
427 building permits have been issued so far this year.
Downtown vacancy rates at an eight year low
In other economic news, vacancy rates in Prince George’s downtown are at an eight-year low according to a recent study by the City of Prince George. The city’s downtown occupancy study indicates that the area has a vacancy rate of 10.55 per cent, which represents a 0.58 per cent decrease from 2017 and a 4.65 per cent decrease overall since 2011. By contrast, over the same time period (since 2011), there has been an 8.59 per cent increase in total floor area (202.902m2 to 220,339m2) available for retail, service, and office use as a result of new construction downtown.
The study was designed to collect and analyze vacancy rates of retail/service and office use building space located in Prince George’s central business district.