Consistent growth aligns with City’s projections and plans
The City of Fredericton issued building permits for over $267 million in construction activity in 2023, surpassing 2022 activity by over $10 million. This record-breaking development is supporting the rapid population growth occurring in Fredericton.
The total value of construction in 2023 was well above the 5-year average of $208 million. Development was strong across all sectors with new residential developments valued at $166 million, and commercial, government and institutional construction valued at $100 million.
Supporting the region’s rapidly growing population the City approved 839 new housing units for construction within the city in 2023. Higher density forms of residential development make up more than 80% of total housing construction with construction of another 699 new townhouse and apartment units starting in 2023.
The strength in Fredericton’s residential sector is much needed as the City continues to welcome a large number of new residents. New population projections estimate Fredericton’s population at over 71,000 (2022 estimate), up more than almost 15,000 people in the past decade. Fredericton’s robust population growth is the result of very strong employment growth. Recent data indicates that total employment in the Fredericton metropolitan area is also up more than 15,000, leading the province.
Development activity is closely aligned with the vision and community goals expressed in the City’s Growth Strategy and Municipal Plan. More than sixty percent of 2023 housing starts were located in one of the City’s designated growth areas.
2024 is expected to be another strong year for construction activity in the Capital. A number of new commercial developments are planned. Fredericton is also poised to make significant progress in encouraging more affordable housing as the City enters Year 2 of implementation of the Fredericton Affordable Housing Strategy and having the ability to leverage federal funding recently awarded to Fredericton from the Housing Accelerator Fund.
“Fredericton has truly emerged as one of Canada’s most successful and livable cities” said Coun. Jason LeJeune, Chair of the City’s Development Committee. “City Council has carefully planned for our record-breaking development activity. We are choosing to build more densely and in an environmentally sustainable way, while still being mindful of the qualities of life that Frederictonians enjoy.”