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Building permit values reach record highs

With the year still far from over, the value of building permits issued by city hall has set a record. As of Friday, it stood at $169.26 million, city hall said, well above the previous high of $147.88 set in 2007. At $135.
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With the year still far from over, the value of building permits issued by city hall has set a record.

As of Friday, it stood at $169.26 million, city hall said, well above the previous high of $147.88 set in 2007.

At $135.17 million, the amount represented by private-sector investment has also set a record, surpassing the previous high of $121.6 million set in 2016. It also accounts for nearly 80 per cent of the value of all permits issued so far this year.

And at $100.3 million, residential building permit values have also set a new record at

"The value of building permits is a key measure of economic progress," Mayor Lyn Hall said. "This number suggests a great increase in construction activity and related employment, as well as other direct and indirect economic benefits."

The top 10 projects for 2018 are:

- New construction of Kelly Road Secondary School: $28.3 million

- Parkade next to City Hall: $12,927,973

- Apartment building in College Heights (Building B): $6.7 million

- Apartment building in College Heights (Building A): $5.855 million.

- Renovation at UHNBC: $5.2 million

- Federated Co-Operatives Ltd. new bulk plant (BCR Industrial Park): $3.5 million.

- Addition to Show Lounge at Treasure Cove Casino: $3 million.

- New multi-family development (3rd Ave): $2.6 million.

- New multi-family development (Vanier Drive): $1.6 million.

- Alterations to temporary community living space for AWAC in downtown Prince George (Association Advocating for Women and Children): $1.5 million.

- Interior alterations and patio canopy addition to Browns Socialhouse at Pine Centre $1.5 million.

427 building permits have been issued so far this year.

Also, downtown vacancy rates at an eight year low according to a recent study by the city.

The vacancy rate stood at 10.55 per cent, which represents a 0.58-per-cent decrease from 2017 and a 4.65-per-cent decrease overall since 2011.

By contrast, over the same time period (since 2011), there has been an 8.59 percent increase in total floor area - to 220,339 square metres - available for retail, service, and office use as a result of new construction downtown.

The full study is posted on the city website.