Building permit values in Abbotsford jumped 115 per cent in March from February (seasonally adjusted), with soaring residential permit values offsetting a drop in non-residential values.
Those numbers are according to the Vancouver Regional Construction Association’s (VCRA) analysis of Statistics Canada Building Permit Report.
“March saw a dramatic spike in multi-unit residential permits, which will more than likely fall back to expected trend levels next month,” said Fiona Famulak, president of the VCRA. “Abbotsford’s economy continues to exhibit sustained growth signs that point towards upcoming residential and non-residential investment in the medium term.”
Seasonally adjusted non-residential permit values fell 62 per cent to $2.6 million in March 2014 from $6.9 million in February. Commercial permits dropped to $1.2 million from $3.3 million, while industrial permits rebounded 161 per cent to 1.4 million from $0.6 million, and institutional-government permits fell to near zero from $3 million previously. The seasonally adjusted value of residential permits spiked 667 per cent to $18.3 million in March 2014 from February’s $2.8 million.