The value of building permits issued by the City of Prince George 2022 set a new record at a little over a quarter of a billion dollars, breaking 2021’s then-all-time best by approximately $14 million (approximately a five per cent increase).
“It’s comforting to know commercial and industrial investors continue to have faith in Prince George,” said Mayor Simon Yu, in a news reelease. “This $250 million milestone is an important one because it tells us they understand there’s long-term investment opportunity here. This recognition will help us develop a city and community worthy of being called B.C.’s northern capital.”
A building permits statics and development services summary presented to Council at the February 27 meeting revealed local development insights from the last several years dating back to 2020. While the number of building permits increased modestly between 2021 and 2022 (by 16), total permit values in the past year saw a significant boost thanks to a spike in new commercial and industrial project investments:
- Eight (8) new commercial permits were issued in 2022 valued at approximately $37.5 million vs six (6) in 2021 valued at $13.3 million (a roughly 182 per cent increase in value).
- Twenty-nine (29) new industrial permits were issued in 2022 valued at approximately $36.8 million vs five (5) in 2021 valued at $25.3 million (a roughly 45 per cent increase in value).
Institutional building permits and values also experienced a boost. The City issued six (6) permits in 2022 valued at $6.9 million vs two (2) in 2021 valued at $2.9 million. Residential developments (single and multi-family) continued to lead in the total number of permits issued and permit values but experienced a slight decline in 2022.
Building permit values reported by the City have consistently set impressive records for several consecutive years.
- 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 record of $76.42 million by about $38 million, an 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 per cent increase.
- In 2019, 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.
In 2020, permit values came close to overtaking 2019’s $223 million record despite economic challenges posed by COVID-19. The $220 million in permits recorded was less than two per cent lower than 2019’s then-all-time high.