Fredericton experiences near record levels of development in 2018

Strong private sector investment and an increasing population spurred development activity in Fredericton to near record levels in 2018.

The total value of construction for the year reached $134.8 million, up $16.8 million from the previous year. That’s $20.8 million above the 10-year average.

“Fredericton is experiencing tremendous growth," said Coun. Bruce Grandy, Chair of the City of Fredericton Development Committee. "Recent and upcoming construction projects in Fredericton are showing the success that come from partnerships built on the visions identified in plans like our Growth Strategy, City Centre Plan, and Main Street Plan.”

The total value of commercial construction soared from $26 million in 2017 to $34.8 million in 2018. A new office tower on Carleton Street, the new Auto City mixed use building on Main Street and a new Sobeys on Prospect Street are just some of the developments in the works or recently opened.

The unemployment rate in Greater Fredericton has fallen from 8.5 per cent in 2014 to 7.5 in 2018 with the city growing by 4,000 people during the same period according to Statistics Canada. This growth in population is fueling the residential development with the total value of residential construction rising by $4 million to $57 million in 2018.

“There is a buzz of activity in Fredericton that you see throughout the city,” said Grandy. “This activity is attracting investors and new residents.”

2018 ended with the third-straight year of growth in the total value of construction. Six of the past 10 years brought more than $100 million each year in development activity with 2010 recording a 10-year record of $168.2 million in the total value of construction.