The value of building permits issued in Prince George in 2020 came within striking distance of the all-time annual record in spite the economic uncertainty brought about by the COVID-19 pandemic. According to a staff report on the agenda for the Monday, January 11 meeting of Prince George city council, building permit values for 2020 reached a total of about $219 million, which is less than two percent lower than the all-time high annual total of $223 million set during 2019.
Notably, the value of new commercial building permits was just under $50 million this year, twice the value set in 2019, and three times the value of the same permits in 2018. Another striking number this year is the value of new multi-family building permits, which at $68 Million, is up about 30 percent over the total set in 2019 ($52,366,650).
“Council is extremely pleased and impressed to see these important economic indicators for Prince George are continuing at near record levels even through the pandemic, which has had such a negative impact for the economy,” said Mayor Lyn Hall, in a news release. “We are very pleased and thankful that investors, businesses, and developers are continuing to recognize the potential of our city. Certainly, the city is always more than willing and eager to work with investors and developers.”
The highest value permits of the year include:
- $35 Million – downtown pool at Seventh Avenue and Dominion Street
- $14 Million – four-story multi-family residential building with parkade, 4413 Glen Shee Road
- $9,030,765 – new commercial building for Primex Properties, 547 George Street
- $5,925,000 – four-story, 75 multi-family unit residential apartment building, 2658 Replace Drive
- $5,608,000 – three-story Multi-Family Transition House, E-Fry Society, 14th Avenue
In recent years, the value of permits have set a number of impressive records:
- In 2016, the value of private sector construction reached a new high in Prince George with $122.5 million in private sector investment.
- In 2017, residential building permit values set a record at $114.37 million, breaking the previous all-time record of $76.42 million by about $38 million, a percentage increase of 50 per cent.
- In 2018, the total value of building permits ($186.38 Million) beat the previous record of $147.88 million set in 2007 by nearly $40 million – a 26 percent increase.
- In 2019, both the value and number of building permits issued in Prince George beat the previous record-breaking year (2018) by nearly 20 percent with $223 million.