2016: A Year Of Growth In Prince George
Private sector construction has reached a new high in Prince George according to the value of building permits issued in 2016. The investment of 2.5 million was announced at City Council prior to a presentation from the City’s Economic Development division about its Economic Development Strategy for Prince George. Records indicate that private sector building permit values in Prince George have never exceeded 0 million.
In 2016, the City of Prince George issued 455 building permits worth 7,850,777, 96 percent of which was investment from the private sector.
The building permit numbers for 2016 break down as follows:
• Residential ,553,262
• Commercial ,353,836
• Industrial ,617,866
• Institutional ,225,813
• 143 new single family residences
• 15 new commercial developments
• 173 new multi-family units
• 14 new duplexes
• 39 new single family secondary suites
In addition, the City saw five new industrial developments, 446 new businesses, over 0,000 of grants awarded for projects totaling 0,000, and façade improvements on 17 downtown businesses.
In 2016, the Conference Board of Canada released a report stating that Prince George’s economy has the strongest economic outlook among seven other mid-sized Canadian cities studied and that GDP was growing at a faster rate than the national average.