Construction values still down for quarter

Construction is down in Cranbrook when compared to the same third quarter period last year.

Construction is down in Cranbrook when compared to the same third quarter period last year, according to the city’s latest building permit summary. In 2013 the third quarter total for construction value was $6 million, down from 2012 figures of $7.1 million.

Staff presents the summary every three months and it gives an idea of what is going on construction wise in the community.

“They’re a little less than last year,” said CAO Wayne Staudt. “I think these things go in cycles, but generally are down for the quarter in the third quarter compared to last year and our numbers are also down here to date.”

While residential and sign construction is up for the quarter, commercial, industrial and institutional construction are all down.

In terms of residential construction, third quarter values were $4.3 million, up from $2.6 million for the same period last year. The year-to-date construction value is $8.8 million in 2013, compared to $9.7 in 2012.

Commercial construction dropped to $1.6 million, from $2.3 million in the third quarter of 2012. The year to date value was almost half last year’s at $5.3 million in 2013, versus $10.4 million in 2012.

Industrial figures are down this year with year-to-date values of $262,165 this year compared to $4.6 million last year. Institutional construction was also down for the year at $95,900 this year compared to $618,292 at this time last year.

Sign construction value was up compared to last year, at $213,392 in 2013, compared to $176,447 in the same period last year.

“I think we all know that the economy is still struggling and we’re all trying to find ways to improve the economy,” CAO Staudt said. “As long as we’re collectively trying to find ways to improve the economy that’s the best we can do.”