Fredericton’s numbers highest in the Province
The City of Fredericton has issued close to a quarter of a billion dollars in building permits for the first half of 2024. At $248.7 million dollars, this is the highest development value among the province’s three largest cities. This represents a $134.2 million dollar increase from 2023’s mid-year numbers.
Population and employment growth continues to propel commercial construction forward with $29.6 million of development activity in the first half of 2024. The construction of a commercial centre is underway on Two Nations Crossing, set to house a grocery store, bank, pharmacy, and more. This project will contribute to the further development of the city's North East Growth Area.
Despite the steady progression in the City’s development, demand for housing remains exceptionally strong. The City is working to keep up with the rapidly growing population by creating more affordable housing options.
Residential construction continues to thrive with a construction value of $65.7 million so far this year. Over the last 6 months, permits for 269 new housing units have been issued. This number includes 69 single-family homes. A 53-unit Workforce Housing building project is under construction on Bishop Drive. This development was approved by City Council in February, implementing the City’s Affordable Housing Strategy.
Governmental and Institutional construction total a combined value of $153 million dollars so far this year. The construction of the City’s new Preforming Arts Centre and the new Justice Building are at the foot of this increase. As the City continues to grow, generational development within the city core is increasingly valuable.
“Construction of the new Justice Building and Performing Arts Centre are expressions of confidence in Fredericton’s future”, said Councillor Jason LeJeune, Chair of the City’s Economic Vitality Committee. “As one of Canada’s fastest growing census metropolitan areas, both the City of Fredericton and Government of New Brunswick are making generational investments in community infrastructure that will benefit Fredericton residents for decades to come.”
The numbers were presented to members of the Economic Vitality Committee by staff from the City’s Planning & Development Department. Fredericton ended 2023 with an all-time record $267M in development and construction activity.