Building permit values dropped in 2022 compared to 2021 but were the third highest total since 2013, indicate records released by the City of Terrace.
The 2022 total of $43.066 million was below the $83.813 million of 2021 but also higher than the 10-year average of $37.993 million.
Most notable was a drop in single family home construction values from 43 permits amounting to $12.759 million in 2021 to 20 permits worth $7.2 million in 2020.
While new home permit values dropped from 2022 to 2021, the dollar value for residential renovation permits substantially increased in 2022 compared to 2021.
The city recorded 20 residential renovation permits issued in 2022 worth $4.849 million compared to $948,000 spread over 23 permits in 2021.
Multi residential permit values held fairly steady with seven granted in 2022 for $16.625 million compared to eight permits for $18.795 million the year before.
It’s important to note that there can be a time lag between a permit being isssued and construction beginning. A permit for an apartment complex at Clinton St. and close to the Anglican church valued at $2.5 million was issued in December but no construction has started.
Also granted in December were four permits amounting to $7.2 million for a four-building complex containing 21 units on the 4800 Block of Lazelle Ave. The property was purchased last year and a house there demolished and the ground prepped last fall for construction.
By comparison since 2013, the 2022 total eclipsed 2016’s $10.5 million and the $22.499 million in 2020 but was below the 2015 total of $51.9 million.
Construction of the new Mills Memorial Hospital began in 2021 but the permit value of $253.778 million as of that year was removed from the totals for that years so as not to skew the realistic activity within the city.