Despite the economic uncertainty brought about by COVID-19, the value of building permits issued in Prince George last year came within striking distance of the all-time annual record.
According to a staff report on the agenda for Monday's (Jan. 11) city council meeting, 2020 building permit values reached a total of roughly $219 million, less than two per cent lower than the all-time high $223 million set in 2019.
Notably, the value of new commercial building permits was just under $50 million this past year, twice the value set in 2019, and three times the value of the same permits in 2018.
Additionally, the city says the value of new multi-family building permits, which at $68 million, is up about 30 per cent more than 2019's total of $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 this morning (Jan. 7).
“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.”
Prince George's highest value permits of 2020 include:
- $35 million = downtown pool at Seventh Avenue and Dominion Street
- $14 million = four-story multi-family residential building with parkade, 4413 Glen Shee Rd.
- $9,030,765 = new commercial building for Primex Properties, 547 George St.
- $5,925,000 = four-story, 75 multi-family unit residential apartment building, 2658 Replace Dr.
- $5,608,000 = three-story Multi-Family Transition House, E-Fry Society, 14 Avenue
According to the city, permit values have set several notable records in recent years:
- 2016 = Value of private-sector construction reached $122.5 million in investments
- 2017 = Residential building permit values set a new record at $114.37 Million
- This is a 50 per cent increase from the previous all-time record of $76.42 Million
- 2018 = Total value of building permits, $186.38 million, beat 2007's record of $147.88 million
- This is an increase of 26 per cent
- 2019 = Both the value and number of building permits issued in Prince George beat the previous record-breaking year (2018) by nearly 20 per cent with $223 million
The data is set to be discussed by Prince George city council during its Monday public meeting at 6 p.m.
