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Building permit values down in the Region

Nearly $18 million in permits were issued in January and February of 2015, compared to $14.8 million in Jan. and Feb. 2016.
building

Building permit values dropped 17.2 per cent in the Peace Region over the first two months of 2016, after years of strong growth.

According to BC Stats data released this month, the overall value of building permits issued in the Peace River Regional District (PRRD) is down by about $3 million so far this year.

Nearly $18 million in permits were issued in January and February of 2015, compared to $14.8 million in Jan. and Feb. 2016.

The drop in the PRRD is far from the largest in the province. That title belongs to the Squamish-Lillooet Regional District, which saw building permit values for the first two months of the year drop by almost 60 per cent compared to 2015. 

The stats are divided by residential, industrial, commercial and institutional/government building permit categories.

Industrial permit values in the PRRD dropped 52.5 per cent, the largest drop of any of the region's classes, going from $4.4 million in the first two months of 2015 to $2.1 million in 2016.

This was followed by residential permit values, which dropped 46.5 per cent, going from $9.7 million in 2015 to $5.2 million this year.

Commercial and institutional/government building permit values both went up, by 101.3 per cent and 248 per cent respectively.

That works out to about $174,000 in institutional and government building permits so far in 2016, and $7.3 million of commercial building permits in the first two months combined.

dcreporter@dcdn.ca