The total construction value of building permits issued by the City of Terrace this year are down 37 per cent compared to 2019.
So far this year, the city has issued seven permits for single residential units, with a construction value of nearly $3 million. That is 43 per cent of the total value of all permits. By the same time last year, the city had issued permits for single residential totalling over $5 million.
In May 2019 alone, there were eight single residential permits issued totalling $2.67 million. This May, there were only two, carrying a construction value of $589,000.
In the month of May, the city issued 16 permits across all categories with a total value of just over just over $1 million. Terrace has issued 77 permits with a construction value close to $7 million so far in 2020.
By this time last year, the city had issued permits with a total construction value of nearly $11 million – over $3 million in May alone.
Compared to the first five months in 2019, the construction value of permits in 2020 have dropped 37 per cent. The year to date in 2020 is also down 21 per cent from the 10 year average.
However, the construcion value of permits so far in 2020 is higher than they were at this time in 2011-12, 2016 and 2018.