Construction values topped $46.7 million in 2019, an increase of $3 million from 2018, according to a City of Cranbrook staff report presented to council on Monday evening.
The report outlined the fourth quarter values across a number of construction areas including residential, commercial, commercial, industrial and others.
“The amount that we had for 2019 was the third-highest value recorded, and the highest in more than a decade,” said interim CAO Ron Fraser. “We have every reason to be optimistic about 2020, with new residence coming in at the College of the Rockies, and ever-increasing interest in multi-family dwellings, hotels and the Tembec lands.”
While single-family residential was down by just under $1 million from Q4 last year, multi family residential was up $3 million, while industrial is up by $3.7 million.
The report notes that 40 building permits were issued in Q4, as opposed to 49 in Q4 2018. In total, there were 221 building permits issued 2019.
The report also says that 35 permits for single-family dwelling units were issued — those could include projects such as a completely new house or additions and alterations, such as a deck or garage. Additionally, 107 permits were issued for multi-family dwelling units, that include projects such as a affordable suite conversion at a former motel on Van Horne St. Legacy Lookout at Wildstone Golf Course and the Kootenay Street Village seniors facility.
“I think that’s exceptional,” said Pratt. “It’s unprecedented growth again, setting another record, so I really like to see those numbers and proof that Cranbrook’s on the move.”