Fredericton smashes previous records with $257M in development activity for 2022
Soaring development numbers reflects City’s population growth projections and plans
The City of Fredericton issued building permits for over $257 million in construction activity in 2022, surpassing 2021 activity by over $70 million. This record-breaking development is supporting the rapid population growth occurring in Fredericton.
The total value of construction in 2022 was well above the 5 and 10-year averages of $181 million and $140 million respectively. Development was strong across all sectors with new residential developments valued at $166 million, and commercial, government and institutional construction valued at $90 million.
Supporting Fredericton’s rapidly growing population, a new all-time record has been established with 938 new housing units being permitted for construction in 2022. 767 units are new apartment and townhouse units, which is also a new record for activity in the City. A new high for this type of housing has been set for the third year in a row. Reflecting a very strong market for single detached homes, the City is continuing to see increased activity in lower-density housing with 171 units under construction. This is the highest level of construction activity for single homes in over a decade.
The strength in Fredericton’s residential sector is much needed as the City welcomed 2,000 new residents over the past twelve months, the fastest rate of growth experienced in a number of decades. Development activity is closely aligned with the vision and community goals expressed in the City’s Growth Strategy and Municipal Plan. More than three-quarters of 2022 residential development is being built in one of the City’s designated growth areas. Council and the development community are working closely together to grow Fredericton in a smarter, more environmentally sustainable, and more functional way; with infill development taking advantage of already existing infrastructure and amenities and more suburban development occurring in areas targeted to receive substantial growth.
“The City has been preparing for this level of growth since 2017,” said Coun. Jason LeJeune, Chair of the City’s Development Committee. “Our population has been growing steadily over the past 5 years, and the 2022 development numbers reflect our clear vision for the future of Fredericton and consolidating our position as one of Canada’s great small cities.”
Despite the substantial amount of housing under construction in Fredericton, supplying the demand for affordable housing remains a challenge. The City invested in the development of an Affordable Housing Strategy in 2022 and is working collaboratively with our provincial and federal partners to increase the supply of affordable housing in 2023.
Imagine Fredericton was the award-winning community-based process to create a Growth Strategy and new Municipal Plan for Fredericton. The Growth Strategy forecast that Fredericton will grow to have more than 90,000 residents in 2041. The Strategy and Plan set out where and how the city will accommodate our growth over the next 25 years. It envisions a compact, efficient and sustainable city achieved by creating a dynamic urban economy and good jobs, a more vibrant urban core, walkable neighbourhoods with local amenities, and enhanced mobility options.