Construction Association report shows 2016 permit values near $300M in Nanaimo
NANAIMO – The value of construction projects in Nanaimo continues to soar, with over $100-million worth of permit values recorded between July and September, according to a report.
The third quarter update report from the Vancouver Island Construction Association (VICA) shows building permit values in Nanaimo for the most recent three month period were a little more than $119-million. That is a 50 per cent increase over the same quarter last year, according to the report. More than $102-million of that 2016 permit value is attributed to residential projects.
“The non-residential went up about 27 per cent year-over-year, like third quarter over third quarter, and oddly enough so did the residential,” said VICA chief executive officer Greg Baynton. “It’s one jurisdiction on the island where the growth has been equal.”
Baynton says it’s hard to get the exact data, but it appears the increases in activity can be attributed to both more permits and higher value. He says the most important thing to note is that the bigger permits can lead to activity that lasts a few years. Baynton says commerce in Nanaimo is very evident.