CANMORE – Alberta may still be feeling the effects of the economic recession, but in Canmore it appears those days are in the rearview mirror.
According to the municipality, building permit values for new development jumped by nearly $9 million in 2018 reaching more than $125 million – marking the third highest level of development in the town’s history.
Residential development led the way with $93 million in building permits, while commercial building permits accounted for $32 million in 2018.
“I think that it’s great to see the development numbers continue to rise at a modest pace. This is a much more sustainable pace than what we saw in 2006-08 time frame when development exceeded $200 million a year,” said Ron Remple, CEO for the Bow Valley Builders and Developers Association.
Canmore’s construction and development industry has steadily increased since 2009, when permit values dropped to $33.3 million after the global economic recession.
In 2017, building permits reached $116.5 million with residential construction accounting for $83.7 million and non-residential construction accounting for $32.8 million.
“Having a strong development industry is good for the community,” said Remple, explaining the construction industry pays good wages and supports many families in the community.
“Overall, I think these numbers are positive and sustainable for the industry, for the town and for the community.”
