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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 Employment, Immigration and Industry 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. |
