Over 6,000 construction and related spin-off jobs were created in Vancouver’s housing and commercial/industrial sector as building permit values reached $1.1 billion during the first half of 2012. This figure is a 39% increase over the same period last year, and 16% higher than pre-recession levels in 2008.
“It is fantastic to see such a remarkable rebound in Vancouver construction activity, with over 6,000 jobs created in the first half of this year alone, and building permit values now exceeding pre-recession levels,” said Mayor Gregor Robertson. “After keeping taxes low, and maintaining permit processing times despite higher volumes, this is further evidence that Vancouver’s economic action strategy is working to create highly skilled and high-paying new jobs.”
The following building permit values are for the first 6 months of each year; numbers in brackets are annual figures:
Key developments that contributed to the 2012 increase include 999 Seymour, a 22-storey residential building with a construction value of $24.2 million; MNP Tower at 1021 W Hastings St, a 36-storey office tower with a construction value of $75 million; the Vancouver Hilton at 177 Robson, with a construction value of $32.8 million; and Granville Safeway, consisting of two residential towers and retail space, and a construction value of $35 million.
Commercial and industrial construction in the first 6 months of 2012 showed a major rebound in a year-to-year comparison with the same period in 2011. As of 30 June, just over one million square feet of non-residential floor space was approved through building permits. During the same period last year, approximately 160,000 square feet was permitted. The chart below shows non-residential square footage figures from 2008 to 2012.
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