With more and more buildings popping up all over Prince George, there is now economic proof that building permits are skyrocketing throughout the city, which means more economic development.
The previous record of the total value of building permits issued in Prince George was set in 2007 at $147.88 million. But this year, it has already been crushed with the year not even over yet.
The total so far? $169.26 million. The value also includes a record amount of private sector investment, which is currently at $135.17 million. That number is close to 80 per cent of the total, and it also wipes out the previous record of $121.6 million, which was set in 2016.
Residential building permit values have also set a new record in 2018 at $100.31 million. The city says there has been a total of 427 building permits issued this year alone.
Here are the top 10 projects so far this year, according to the city:
- New construction of Kelly Road Secondary School: $28,322,950
- Parkade next to city hall: $12,927,973
- Apartment building in College Heights (Building B): $6,700,000
- Apartment building in College Heights (Building A): $5,855,000
- Renovation at UHNBC: $5,200,000
- Federated Co-Operatives Ltd. New Bulk Plant (BCR Industrial Park): $3,500,000
- Addition to Show Lounge at Treasure Cove Casino: $3,000,000
- New multi-family development (Third Avenue): $2,600,000
- New multi-family development (Vanier Drive): $1,600,000
- (Tie) Alterations to temporary community living space for AWAC in downtown Prince George (Association Advocating for Women and Children): $1,500,000
“The value of building permits is a key measure of economic progress,” Mayor Lyn Hall says in a press release. “This number suggests a great increase in construction activity and related employment, as well as other direct and indirect economic benefits.”
Are you a business or owner that has been looking for a space downtown? Well, here's why you haven't been able to get anything easily.
The vacancy in downtown Prince George is at an eight-year low, according to recent study done by the city.
The study shows there is only a 10.55 per cent vacancy rate, which is a 0.58 per cent decrease from last year and is also a large 4.65 per cent decrease overall since 2011.