Construction value reaches new record

With two months still to go, permits for a record-setting $193.8 million worth of construction have been taken out so far this year, according to the latest numbers from city hall.

The previous record was $186.38 million, set last year.

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Mayor Lyn Hall said city council is "very pleased" with the outcome.

"Historically, the value of building permits is an important measure of economic progress," Hall said. "A high number of permits is an indicator of increased construction activity and related employment, as well as other direct and indirect economic benefits."

At $184.4 million, private-sector investment accounts for about 95 per cent of the total.

The number of building permits issued have also hit a new record at 541 compared to 515 for all of 2018.

Also of note, the number of new multi-family permits nearly doubled from 33 in 2018 to 56 in 2019. They have contributed $67.3 million in value, down slightly from $70.4 million by the same point last year.

"Prince George is a great community and a wonderful place both to start a family and to retire," said Robin Hayer of Hayer Construction Firm, which is currently building a $10-million multi-family apartment complex at 4278 22nd Ave.

"Investing in Prince George provides excellent value, particularly as the Vancouver housing market pushes people further and further into the Fraser Valley. Prince George is becoming more and more attractive both for home buyers and investors."

Of the top 10-valued permits for the year, nine are for privately funded projects:

- Student housing development at 1404 Patricia Blvd. - Faction Projects Inc. - $13 million;

- Fire hall at 2012 Massey Dr. - City of Prince George - $11.8 million;

- Hotel by Horizon North at 585 Dominion St. - Mundi SDR Development Inc. - $11.3 million;

- Apartment building at 6611 Southridge Ave. - Bic Hayer Rental Properties - $11 million;

- Apartment building at 4278 22nd Ave. - Hayer Construction Firm - $10 million;

- Renovation at Pine Centre Mall - Prince George Investment Inc. - $9 million;

- Apartment building at 1087 6th Ave. - A & T Project Developments Inc. - $6.8 million;

- Water treatment plant at 1337 PG Pulpmill Rd. - Canfor Pulp Inc. - $5.5 million;

- Expansion of Prestige Treasure Cove Hotel - HOCO Properties Inc. - $5.1 million;

- Apartment building at 3450 15th Ave. - Fortwood Homes Ltd. - $5 million.

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