Fredericton has edged past the $350 million mark for building permits in 2024 -- the fourth year in a row New Brunswick’s capital has reached record levels.
The City issued building permits for new construction valued at $354.7 million in 2024, surpassing the five-year average of $245 million and up almost $90 million from 2023. Development was strong across all sectors:
• New residential developments were valued at $136 million
• Commercial developments were valued at $46.3 million
• Institutional and government construction was valued at $91 million
New population projections estimate Fredericton’s population at more than 77,000 people, an increase of more than 3,100 over the past year. Fredericton’s booming population is the result of its strong employment growth.
To support the region’s rapidly growing population, the City approved 613 new housing units for construction within the city in 2024. Higher density forms of residential development make up more than 75 per cent of total housing construction with the building of another 470 new townhouse and apartment units starting in 2024.
Fredericton is making significant progress in encouraging more affordable housing as the City moves into its third year of implementing the Fredericton Affordable Housing Strategy. Building permits for 122 affordable housing units including 58 deeply affordable units were issued in 2024. The City is leveraging federal funding from the Housing Accelerator Fund to invest in growth-related infrastructure and encourage the development of more affordable housing.
Recent data indicates that total employment in the Fredericton metropolitan area is up more than 3.5 per cent in 2024. The City has recorded a jump in commercial activity as new businesses pop up all over the city with the highest levels of commercial construction recorded since 2019.
“Fredericton drives innovation and entrepreneurship, attracting talent and investment from around the world. Fredericton’s knowledge economy creates opportunities to commercialize research, generate jobs, economic activity, and overall growth,” said Ken Forrest, Director of Planning and Development at the City of Fredericton. “This growth has fueled expansion in other sectors, including construction and retail services.”
2025 is expected to be another strong year for construction activity in Fredericton. The City’s development aligns closely with the vision and goals set out in its Growth Strategy and Municipal Plan. Development is thriving in the north side growth areas and the southwest growth node. A significant area of focus for this year will be the need to develop a new southeast growth node in the Doak Road area for future housing.
“Fredericton continues to be one of Canada’s most successful and livable cities,” said Coun. Jason LeJeune, Chair of the City’s Economic Vitality Committee. “City Council has carefully planned for our growth. We’re focused on building more densely and sustainably, all while making sure Fredericton keeps its charm.”