November 29, 2017 (Victoria, BC) – Building permits on Vancouver Island reached the highest dollar value ever recorded in the July to September 2017 period, contributing to the Island’s economic growth and employment.
“The building boom continues across the Island in both residential and non-residential sectors,” said Rory Kulmala, VICA CEO. “We expect this upswing to continue right through 2018.”
With building permits increasing five per cent to $647.5 million, the Island’s construction industry was kept busy in the third quarter of 2017. Residential building permits jumped 20 per cent to $488 million, while non-residential permits increased 15 per cent to $648 million.
Major projects contributing to the building permits issued during this period include renovations and an addition to Elements Casino Victoria in View Royal ($13M), sewage treatment upgrades in Parksville (8.84M), and Camosun’s Centre for Health & Wellness in Saanich ($32M).
“We want our members working and the industry thriving, so our goal is to see this momentum continue,” said Kulmala. “Our forecast for 2018 is more of the same thanks to population growth, an expanding economy, and continued low interest rates.”
Construction employment rose by 2.9 per cent across Vancouver Island — 34,500 to 35,500 — with most of the gain seen in areas outside of metropolitan Victoria.
Full regional data and graphs can be found here.