Penticton’s construction sector is on fire.
The city’s statistics for the number and value of building permits issued over the first four months of the year show that the city is already on track to outperform the previous heights.
In the value of the works permitted, there is more than double in 2021 what there was in 2020 to this point of the year.
In 2020, there was $47,140,014 in value to the permits issued up to the end of April. In 2021, it’s already reached $95,675,345.
The total value for all of the permits issued for the entirety of 2020 was $99,236,906.
April 2021 saw a total of 98 permits issued for all categories of construction, with 208 new residential units to be created with those permits.
In comparison, 2020 saw 51 permits issued for the month of April, 68 in 20 96 in 2018, and 83 in 2017.
So far this year more residential units have been created than previous years, with a total of 346 residential units permitted up to the end of April.
That’s more than 50 per cent higher than the 223 in 2020, 204 in 2019, 246 in 2018 or the 93 in 2017.
The city ended 2020 with a total of 731 permits issued for the entire year, compared to 715 in 2019, 916 in 2018 and 1,033 in 2017.
COVID-19 wasn’t responsible for all of the drop in construction in 2020, as by the end of February 2020 had already begun to see fewer construction permits issued than 2019.
With vaccines being distributed, and high demand for homes in the South Okanagan, the demand for construction isn’t likely to fade soon.
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