New buildings will be going up in Prince George, and with them comes a new record amount of investment dollars from the private sector.
During Monday night’s City Council meeting, the City’s Economic Development division announced a record $122.5 million were invested through building permits in 2016. These permits can range from homes, restaurants, and hotels. City staff believes the investment total has never surpassed $120 million in years past.
The Conference Board of Canada also states the city’s GDP is growing faster than the national rate and calls Prince George’s economy the strongest when compared to seven other mid-sized Canadian cities.
After seeing the work from both the Economic Development division and councillors, Mayor Lyn Hall isn’t surprised by the numbers.
“It really goes along with what this council has been saying for a very long time that – first of all, we’re open to business, it’s a great place to do business – and the investment climate is strong here.”
The building permit numbers for 2016 break down as follows:
- Residential $72,553,262
- Commercial $46,353,836
- Industrial $3,617,866
- Institutional $5,225,813
- 143 new single family residences
- 15 new commercial developments
- 173 new multi-family units
- 14 new duplexes
- 39 new single family secondary suites
In total, 455 building permits worth $127,850,777 were issued in 2016. All but 4% of that came from investors in private sector.
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