Thursday, May 14, 2009
- Calgary construction value tumbles - Calgary Herald
CALGARY - Calgary’s estimated construction value of building permit applications for April fell by 28 per cent compared with a year ago.
The City of Calgary, in releasing the latest data on Friday, said construction value was $270 million last month. It was $377 million in April 2008.
Last month’s total is also off by 22 per cent compared with the five-year average of $345 million and down by five per cent compared with the 10-year average of $283 million.
The major projects for the month were the West Calgary High School at $27.6 million, the Oi Kwan Place senior citizen home at $22.1 million, an addition and renovation to a Walmart store at $11 million, and the Crate & Barrel store in the Southcentre Mall at $4.5 million.
Year-to-date, total permit values are down 53 per cent to $764 million compared to $1.6 billion in the same period last year. Residential is down 60 per cent to $311 million and non-residential is down 47 per cent to $452 million.
The city says building permits are a barometer of intentions in the construction industry and are not actual construction starts.