Building permit values break records for first half of year

August 24, 2015 | Jobs and the Economy

Building permit values for the first half of 2015 have exceeded record levels for the same period last year, with an almost 20% increase in the construction and development dollars being invested in Vancouver.

As of July 1, 2015, the City of Vancouver issued $1.34 billion in building permits, a sign of Vancouver's leading economic growth and an increase of more than $200 million over 2014's values for the same period.

"The City of Vancouver's economic action strategy is working, with 2015 on pace to see records surpassed for the value of new construction activity, for new office space completed, and for growth in our city's tourism sector," said Mayor Gregor Robertson. "Together we're demonstrating that a strong economy and our Greenest City progress go hand in hand, and City Hall will continue to use every available resource to support job creation, investment, and innovation in Vancouver."

Construction values to July 1 over the past five years

Year  Value 
2015  $1,339,128,733 
2014  $1,119,611,816 
2013  $1,045,677,787 
2012  $1,071,031,189 
2011  $768,728,674 

Job space added near transit hubs

Vancouver's strong economy is also reflected in the creation of new office space to the downtown and Metro Core, adding vital job space near transit hubs. As of July 2015, more than 4.5 million ft² of new office space is under development in the city.

Currently under construction are seven major projects which include:

  • The Exchange at 819 West Pender (305,000 ft²)
  • The Renfrew Business Centre at 2665 Renfrew Street (480,000 ft² with the 170,000 ft² first phase under construction)
  • Marine Gateway at 400 Southwest Marine Drive (269,000 ft²)

Another 14 projects have been approved (total of 3,592,400 ft² of office space) for development.

Progress since 2009

Since 2009, 27 projects that provided a combined total of 3,317,800 ft² of office space have been completed, supporting a downtown and Metro Core that is economically vibrant, diverse, and sustainable.