Vancouver Island’s 2015 building permit values totaled $1.4 billion, seven per cent higher than the 2014 value. Residential permits drove the lion’s share of the increase, rising 19 per cent.
Activity in the fourth quarter reflected the gains. The total value of permits in Q4 2015 compared to Q4 2014 rose five per cent to $352.5 million.
“In a growing economy, residential construction activity in 2015 confirms that Vancouver Island continues to attract newcomers, many of whom are building homes and condominiums,” said Greg Baynton, CEO of the Vancouver Island Construction Association (VICA). “This is generating positive economic spin-offs and creating jobs in our communities.”
Three regional districts generated most of the Island’s gain in building permits. Comox Valley Regional District posted a 20 per cent increase in building permits, followed by the Capital Regional District with 18 per cent and the Cowichan Valley with eight per cent. Vancouver Island non-residential permit values declined 18 per cent in 2015.
The increase in total permit values drove construction employment up 13.1 per cent in 2015 over 2014, resulting in 32,600 people working in the Island’s construction sector. “
Activity and the underlying growth trend remain solid for the Island’s construction sector,” Baynton said. “The association’s outlook for 2016 is very positive with building permits are expected to rise 10-15 per cent as residential activity strengthens and non-residential construction makes gains.”
The Vancouver Island Construction Association represents more than 500 construction-related businesses on Vancouver Island. As one of Canada’s oldest not-for-profit constructions associations, VICA has served the construction community since 1912.