Dec 7, 2011, Calgary building permit value soars in November

The estimated construction value of November building permit applications in Calgary reached $259 million, up 37 per cent from a year ago, according to the City of Calgary.

Building permit value in November 2010 was $189 million.

This year’s November total was down five per cent compared with the five-year monthly average of $272 million but up one per cent compared to the 10-year monthly average of $257 million.

Year-to-date, the city, on Wednesday, said total building permit value is $4.1 billion, an increase of 52 per cent compared with $2.7 billion for the same period last year.

That is also up eight per cent from the five-year average of $3.8 billion and an increase of 24 per cent compared with the 10-year average of $3.3 billion.

“It’s impressive that year-to-date values are up compared to the five and 10-year averages, especially considering the record values that have been posted in recent years,” said David Watson, general manager of planning, development and assessment with the city.

With one month to go, 2011 will be at least the third best year ever, next to $4.76 billion in 2006 and $5.62 billion in 2007, he added.

November permits include 701 residential units, bringing the 2011 year-to-date total to 9,114 compared to only 6,423 new units for the same period last year, a year-over-year hike of 42 per cent.

For November, residential values increased 41 per cent year-over-year to $174 million while non-residential values rose by 29 per cent to $85 million.

Year-to-date, the residential category is up 33 per cent to $2.1 billion and the non-residential category is up 78 per cent to $2.0 billion. The non-residential values for 2011 are significantly higher than 2010 due to a major airport terminal improvement project valued at $600 million from January, said the city.

Major projects for November include one new project more than $10 million (Pixel by Battistella apartment, $11 million) and 31 projects less than $10 million but over $1 million — including 11 new apartment and townhouse projects, six major office improvements, two new shopping centres and a new restaurant.

BY MARIO TONEGUZZI, CALGARY HERALD