The value of new construction in Surrey during the first three months of 2010 more than doubled compared to the same period last year, Surrey council learned May3.
The City of Surrey issued more than $260 million worth of building permits with more than $215 million coming from the residential sector.
The city collected more than $700,000 in planning application fees, compared to around $220,000 in the same quarter last year. Building permit revenue jumped to almost $2.5 million, up from around $1 million.
Mayor Dianne Watts expects activity levels to continue to increase in the first half of 2010 as interest rates remain low and then taper off as rates increase and the HST comes into effect.
“I’m proud of the way in which our council dealt with the downturn in the world’s economy,” Watts told Business in Vancouver. “We wanted to ensure that we continued to be fiscally responsible and responded in a way that would attract investment and keep our economy strong.”
Watts unveiled an economic investment action plan last year that saw her city invest close to $115 million on capital projects and create more than 1,000 jobs. Watts said a further $90 million was invested on capital infrastructure in Surrey through joint projects with the federal and provincial governments.
By Glen Korstrom