Despite the pandemic, residential construction remained strong in Moncton during the second quarter of this year ending June 30.
Three apartment buildings, 68 duplexes and 23 single family homes largely made up the residential building permits valued at $41.9 million.
“Times are definitely challenging, but development continues at a positive pace,” said Mayor Dawn Arnold.
“I continue to hear from real estate professionals that our market is very hot right now. When people are discovering they can work from anywhere, mid-sized, safe, sustainable, walkable, friendly cities like Moncton have taken a new-found appeal for many,” she said.
Commercial activity dropped off considerably in the second quarter with a total value of just $10.2 million compared to $61.8 million in 2019.
Key commercial projects included:
- an 8-unit retail plaza on Granite Drive
- a service garage on Frenette Street
- a hotel restaurant on Main Street
- a research and development building on Cooke Street
- renovations at NBCC on Mountain Road
The total value of residential, commercial and institutional building permits in the second quarter was $56.6 million compared to $87 million year-over-year.
The number of building permits issued for the quarter was 432 – up from 376 last year.
The city’s economic development team is working closely with businesses and developers to help in the economic recovery.
“We recognize that the last number of months haven’t been easy for a lot of our local businesses,” said Kevin Silliker, director of economic development.
“We’re confident that we will progressively get back to where we were prior to the pandemic and contribute strongly to our province’s economic rebound.”
