The number of building permits issued by the City of Edmonton is on the rise, despite the setbacks caused by low oil prices and Alberta’s slowing economy. Permits issued so far this year add up to a city record breaking $2.365 billion in construction value. That is an increase of 14 per cent from this time last year. When compared with the five-year average, the increase is 33 per cent.
The City approved $530 million in building permit construction value in June alone. That’s up 15 per cent from May, 30 per cent higher than June of last year and it’s up by 82per cent compared to the five-year monthly average.
“The surge in building permits stems from many large-scale projects in our downtown core, indicating Edmonton is attractive for residents and investment,” said Garry Dziwenka, Acting Branch Manager of Current Planning.
This increase in building permits has also rejuvenated confidence in Edmonton’s real estate market as permits for residential projects had a construction value of $1.6 billion. Latest reports show that 43 per cent of June’s total permits were for residential construction. The other permit types issued between January and June include: commercial valued at $488 million, industrial at $154 million and institutional at $124 million.
Some large-scale projects in the city include the development of the Brewery District, the Edmonton Civic Tower and the Stantec office and condominium building.