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September 02, 2016 - 6:30 PM
KAMLOOPS - The lack of major commercial or industrial projects means building permit values are continuing to fall behind last year in Kamloops.
Overall permit values in August 2015 were higher than August 2016 by more than $11 million, with most of that difference coming from the commercial, institutional and industrial sub-category.
The overall year-to-date difference is now more than $26 million, with commercial, institutional and industrial permit values almost $30 million behind 2015.
However, with another apartment complex receiving permits, Kamloops residents are seeing a large increase in the number of homes in the city.
The permits are in for a new apartment complex at 1430 Summit Dr., replacing the former hotel and pub building with a $16 million, 110-unit apartment complex. And thanks to that complex, there were more residential unit permits added to Kamloops in August 2016 that August 2015, with almost twice as many permits given in the first eight months of 2016 compared to the first eight months of 2015.
For more on Kamloops's construction market click here.
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News from © iNFOnews, 2016