The City handed out a record $1.12 billion in building permits in the first half of 2014, the highest total value for a six-month period since before the 2008 recession, according to a City of Vancouver announcement July 18.
This is the third consecutive year that building in the city has topped the billion-dollar figure for this first-half period.
Building permit values increased 6.7 per cent in the first six months of 2014 compared with the first half of 2013.
"It's exciting to see Vancouver's economy growing at a strong pace," said Mayor Gregor Robertson. "Low taxes, a highly skilled workforce and reduced red tape at City Hall are helping us achieve the highest levels in building permit values since before the recession, including the construction of significant new rental housing."
The value of first-half building permits in the city has increased steadily since 2009:
- 2014: $1.12 billion
- 2013: $1.05 billion ($2.2 billion for all of 2013)
- 2012: $1.03 billion ($2.6 billion for all of 2012)
- 2011: $768.7 million ($1.7 billion full year)
- 2010: $653.0 million ($1.5 billion)
- 2009: $373.9 million ($1.3 billion)
- 2008: $924.9 million ($1.6 billion)
Major developments that contributed to the 2014 increase include:
- One Pacific by Concord Pacific, a two-tower 435-unit building in downtown Vancouver with a construction value of $87 million; and
- A new 195-unit rental building by Bosa BlueSky Properties on Main Street at East Georgia Street, valued at $27 millionA
