Building permits rebound in Feb 2009
VRCA release – February’s total building permit values in the Lower Mainland-Southwest region rebounded significantly, according to the Vancouver Regional Construction Association’s analysis of today’s Statistics Canada building permit report. The construction industry sees this as a positive sign following a steady decline in activity since October 2008. Continued volatility in the numbers is expected as global economic conditions affect commercial investment, lending policies and consumer demand.
“February’s permit values are promising for construction industry and will offset the sharp declines in building activity we’ve seen in recent months,” says Keith Sashaw, Vancouver Regional Construction Association President. “However, given the difficult economic conditions across the world, it is too early to tell if we are through the worst of it.”
“Construction is coming off a seven year boom unlike any we have seen before, so we expect the industry to see less activity in 2009 than 2008,” says Sashaw. “But, our members are busy and it is very encouraging to see the industry gaining strength.”
Highlights from the February 2009 building permit report include:
- Total building permits in the Lower Mainland-Southwest region increased 135 per cent to $346.3 million in February 2009 compared to January 2009.
- Non-residential permits rebounded 76 per cent to $137.3 million in the Lower Mainland-Southwest region in February 2009 compared to January 2009 and residential permits increased 201 per cent to $209.1 million for the same period.
- Total building permit values in the Lower Mainland-Southwest region are down 50 per cent to $493.6 million in the first two months of 2009 compared to the same period last year.
- Non-residential permits are off 10 per cent to $215.1 million in the Lower Mainland-Southwest region in the first two months of 2009 compared to the same period last year and residential permits are down 62 per cent to $278.6 million for the same period.
“The industry is working closely with government to help identify infrastructure projects that ready to proceed quickly,” says Sashaw. “It is important the Province continues to invest in public projects and expedites what they have already committed to help bring us out of this recession.”
A Tale of Two Decades, a report recently released by VRCA, concluded that the construction industry requires reduced red tape, continued investment in training and infrastructure, and low taxes to protect jobs and emerge as strongly as possible from the current global economic downturn.
With more than 700 members, VRCA is British Columbia’s largest and most inclusive regional construction association, representing union and non-union, general and trade contracting companies, manufacturers, suppliers and other professionals throughout the Lower Mainland from Hope to Whistler.
