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Private sector construction in Prince George, British Columbia, hit a record-setting high throughout 2016.According to City Hall, building permits for an unprecedented $122.5 million worth of work were taken out over the year. Prior to 2016, this value never surpassed $120 million.
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“[Based on] our digital records, which go back to 1990, 2016 was a record year in a very positive way for Prince George’s economy,†says the City’s Manager of Economic Development, Melissa Barcellos in a press release. “The fact that private sector dollars are driving the development of Prince George reflects the confidence that business owners and investors have in the current economy and their expectations for the future.â€Â
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In 2016, the City of Prince George issued a total of 455 building permits worth $127,850,777; 96 per cent were investments from the private sector.
Here's a closer look at the numbers:Â
Here's a closer look at the numbers:Â
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• Residential: $72,553,262Â
• Commercial: $46,353,836
• Industrial: $3,617,866Â
• Industrial: $3,617,866Â
• Institutional: $5,225,813Â
• 143 new single family residencesÂ
• 15 new commercial developments
• 173 new multi-family units
• 14 new duplexes
• 39 new single family secondary suitesÂ
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In addition, the Prince George saw five new industrial developments, 446 new businesses, over $100,000 of grants awarded for projects totalling $750,000, as well as façade improvements on 17 downtown businesses.Â
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“At each meeting over the past year, Council has looked at the building permit numbers and remarked at how well the city has been performing. We are pleased to share these numbers with the public and the business community,†says Mayor Lyn Hall in the same press release. “As many developers have stated recently: Prince George is open for business.â€Â
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For more insight into the investment opportunities available in Price George and other areas of Northern B.C., be sure to contact Marcus & Millichap’s Vancouver office to speak with a commercial real estate advisor.Â
