The $1.1 billion that Vancouver rang up in building permits in the first six months of 2012 puts the city on track to have the highest total annual building permits since at least 2007.
City calculations, based on a formula from the Greater Vancouver Home Builders Association, estimate that the construction boom has created 6,000 construction and related spinoff jobs.
"It is fantastic to see such a remarkable rebound in Vancouver construction activity," said Mayor Gregor Robertson.
"After keeping taxes low, and maintaining permit processing times despite higher volumes, this is further evidence that Vancouver's economic action strategy is working to create highly skilled and high-paying new jobs."
City figures show that the $1.1 billion in building permits in the first half of this year is a 39% increase over the same period last year and is 16% higher than in 2008.
Vancouver building permit figures for the first six months of the past four years were:
- $924.9 million in 2008;
- $373.9 million in 2009;
- $653 million in 2010; and
- $768.7 million in 2011.
Developments that have helped make 2012 a banner year so far include:
- the $75 million MNP office tower at 1021 West Hastings Street (pictured);
- the $35 million Safeway redevelopment that includes two residential towers at 8555 Granville St.
- the $32.8 million Vancouver Hilton hotel at 177 Robson St.; and
- the $24.2 million, 22-storey residential tower at 999 Seymour.
