As of November 2012, year-to-date construction intentions in the Vancouver Census Metropolitan Area (CMA) were up substantially over the previous year, according to the Vancouver Regional Construction Association (VRCA)’s analysis of Statistics Canada data.
The organization found that as of November, the value of Vancouver CMA’s year-to-date building permits was up 26% from the same period of 2011 to $6.604 billion. It found a similar trend for the Lower Mainland-Southwest region, where year-to-date construction intentions as of November 2012 were up 22% over the previous year to $7.069 billion.
“With one reporting month left in 2012, this year may close as the best since the recession and since 2007,” said VRCA president Keith Sashaw.
“This is good news for the Lower Mainland-Southwest region, as building permits are a key economic indicator signaling investor confidence and a healthy economy, and construction activity resulting from building permits makes a significant contribution to economic activity in the region.”