Year to date construction values topped $34 million in 2017 for Cranbrook — an $8 million increase over 2016, according to a report from the city’s top official.
David Kim, the Chief Administration Officer, gave an update to city council on Monday evening, that included fourth-quarter values and year-end values.
Building permits issued in 2017 took a slight dip from 2016, coming in at 249 — eight less than the year prior. However, most of those decrease in permits can be attributed to signs; 2017 had more permits in residential, commercial, institutional and government construction.
“The increase is certainly continuing,” Mayor Lee Pratt told council. “CAO Kim and myself entertained a developer from Calgary last week, we showed him around the area and some properties and went for lunch and had some considerable conversations with him.
“Word is getting out there, so that’s a positive.”
Institutional construction values led the way with an increase in $12 million, due in large part to the construction of a new trades training facility at the College of the Rockies. Commercial construction values were also up to just over $5 million from $2 million in 2016.
Pratt says with a few projects that are believed to get underway this year that the trend of rising construction values will continue.
Kim’s report also included the fourth-quarter of 2017 construction values, which saw a $1.2 million increase in construction values over Q4 2016.
Cranbrook’s Q4 topped out at $6.5 million with eight new housing starts and 51 building permits issued, an increase of eight permits from this time last year.
