January 07, 2016 - 1:00 PM
KAMLOOPS - With permits issued for more 460 units in 2015 in Kamloops, there were more permits issued than in 2014, but the values of those permits was down significantly.
Final numbers for 2015 show December 2015 as being a strong month, 55 residential permits valued at more than $11 million were issued. But that wasn’t enough to make up for the $11.5 million difference year over year.
The growth in residential development, which was up overall from 2014, is a much better indicator of the local economy though, according to city development director Marvin Kwiatkowski, who says it really was a pretty strong year. He says the activity likely increased because of builders trying to get projects permitted under the old building code regulations, which changed this past year.
In total, permits for 224 single family and 239 multi family units were issued in 2015, up from 228 and 190 in 2014. Residential permit values were up in 2015 as well, $120.6 million compared to nearly $106.4 million in 2014.
“When it comes to impacts to the community, the residential is where all the local suppliers are utilized and local labour… it has a greater impact locally,” Kwiatkowski notes.
When all permits are combined though they came to just over $179 million in 2015, down from nearly $191 million in 2014. Commercial category permits alone were down nearly $24 million to $52.3 million, while permits in the ‘other’ category were nearly $2 million shy of 2014 numbers.
The biggest changes in residential permits year over year were for duplexes, 48 total units valued at $10.6 million in 2015 compared to just 26 valued at nearly $6 million in 2014, and permits for alterations, 154 valued at $5.1 million in 2015 compared to 116 valued at $3.5 million the year before.
While residential did well, numbers were down for commercial projects.
“We didn’t have any major projects, like the hospital project, which we had in 2014,” Kwiatkowski says.
Institutional permits took a nosedive in 2015 as well, only eight permits were issued compared to 17 in 2014 and the value difference was nearly $40.8 million. Commercial construction saw only five more permits issued, but at a value of nearly $17 million more.
Kwiatkowski says they are predicting it to be a bit slower this year but notes there seems to be more interest in multi family units like apartments as well possible long term build outs being looked at for Thompson Rivers University.
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News from © InfoTel News Ltd, 2016