For the first time three years, Prince George’s monthly building permit values are significantly declining.
Throughout 2018 and 2019 in particular, Prince George saw high and record-breaking value in building permits issued. The impact of the COVID-19 pandemic is starting to be reflected in the monthly stat.
In April 2020, the city saw a value of $2,722,616 for 22 permits issued which include five new single-family dwellings, three commercial building alterations and two industrial building alterations.
However, this is drastically lower than in April 2019, when Prince George saw a value of $17,603,945 for 59 permits. April 2018 also saw high numbers with a value of $14,906,614 for 49 permits.
“We have all been expecting some form of downturn at some point to hit and the numbers are here,” said Coun. Garth Frizzell during last night’s council meeting (May 26).
“We know construction is ramping but this is a bit of a downturn. Let’s just keep it in perspective that it’s very likely to be temporary and very likely we will be back up.”
Last month also saw the beginnings of a decline.
The total value of building permits issued in Prince George through the end of March 2020 reached $8.8 million, which 25 per cent decrease since March 2019, when it reached over $11 million.
The year to date value of building permits for 2020 is currently $34,117,990 for 119 permits. For April 2019, it was 160 permits for $44,819,899.