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Alberta's fast-growing economy continues to exceed growth across the rest of Canada. The number and value of building permits issued in Central Alberta reflects this reality.
In the five years leading up to March 31, 2007, Commercial/Retail investments in the Central Region grew by 473%. Investments in the Manufacturing, Oil & Gas, and Other Industrial sectors grew by 111% in the same period. In 2005, overall building permit values in the Central Region accounted for 6.6% of the provincial total, while commercial building permit values accounted for 5.8% of the provincial total.
Residential construction in Central Alberta is also booming. In 2005, total housing starts in the region grew by 15.6% from 2004 to 2005 and accounted for 7.1% of the provincial total. The trend continued into 2006 as well. According to Alberta, Employment, Immigration and Industry, the number of Alberta urban housing starts climbed by 19.2% from 2005 to 2006, with a record 40,882 new starts. This was the highest provincial growth rate in Canada.
Growth in 2006 housing starts was driven by low mortgage rates, solid employment and income growth, and a high level of consumer confidence, according to the Canada Mortgage and Housing Corporation.
Alberta Finance and Enterprise collects data on the number and value of building permits issued in the province. This data is presented below, with information grouped by type - commercial, industrial, institutional, residential and miscellaneous. The values listed are construction values and do not reflect market values.
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Central Region Housing Starts
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2005
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2004
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Growth
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Single Family Housing Starts
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2,173
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1902
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14.2%
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Total Housing Starts
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3,060
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2648
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15.6%
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Source: Alberta Employment, Immigration and Industry, Statistics Canada
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2005 Building Permits Values ('000s, $CDN)
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Central Region
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% of Provincial Total
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Commercial
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137,462
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5.8%
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Industrial
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116,487
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13.6%
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Institutional
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10,615
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1.2%
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Residential
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408,879
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6.8%
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Total Building Permit Value
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673,443
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6.6%
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Source: Alberta Employment, Immigration and Industry, Statistics Canada
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Building Permits Values and Housing Starts
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Central Region
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Alberta
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Total Building Permit Value ($000s) - 2005
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673,443
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10,187,045
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% of Provincial Total
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6.6%
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Per Capita Building Permit Value ($) 1
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2,739
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3,142
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Average Annual Total BPV ($000s) 2000 - 2005
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527,823
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7,023,777
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Average Annual Total BPV ($000s) 1995 - 1999
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298,446
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4,013,114
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Commercial Building Permit Value ($000s) - 2005
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137,462
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2,379,663
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% of Total BPV
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20.4%
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23.4%
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% of Provincial Commercial BPV
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5.8%
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Industrial BPV ($000s)-2005
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116,487
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858,607
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% of Total BPV
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17.3%
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8.4%
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% of Provincial Industrial BPV
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13.6%
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% of Total BPV
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1.6%
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8.8%
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Institutional BPV ($000s)-2005
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10,615
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900,401
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% of Provincial Institutional BPV
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1.2%
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Residential BPV ($000s) - 2005
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408,879
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6,048,374
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% of Total BPV
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60.7%
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59.4%
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% of Provincial Residential BPV
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6.8%
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Single Family Housing Starts - 2005
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2,173
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26,604
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Average Annual Single Family Housing Starts 2000 - 2005
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1,895
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22,146
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Average Annual Single Family Housing Starts 1995 - 1999
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1,424
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19,763
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Total Housing Starts - 2005
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3,060
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43,184
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Total Housing Starts, Red Deer - 2005
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1,270
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Total Housing Starts, Rest of Central Region
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1,790
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Red Deer as a % of Regional Residential BPV
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41.5%
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Average Annual Total Housing Starts 2000-2005
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2,752
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35,903
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Average Annual Total Housing Starts 1995-1999
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1,724
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22,056
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1 Per Capita Building Permit Value ($)- Total value of building permits for a region divided by its population.
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Source: Alberta Employment, Immigration and Industry, Statistics Canada
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