Construction on Vancouver Island
Construction trends on Vancouver Island are based on the most recent housing starts, infrastructure projects and other developments. The value of building permits on Vancouver Island has continued to increase year over year, a trend that began in 2013. This is driven by increases in residential permits which remain above the five year average in most regions. In the first six months of 2016 there is some indication that growth rates may be moderating and much of the construction activity is expected to occur in the southern region of Vancouver Island where population growth is greatest.
Housing starts on the Island were up approximately 19 percent in the first six months of 2016; however, growth rates varied significantly by region. In Victoria, Port Alberni and Campbell River housing starts grew by between 45 percent and 60 percent year over year while in most other regions housing starts were down. All regions remained above their three-year average. In the Strathcona region, development in Campbell River has been a significant factor in growth in the overall value of building permits. Outside of Campbell River the value of building permits has been relatively stable.
Infrastructure investments on Vancouver Island are being made in power generation, affordable housing, transportation facilities, and hospitals and long term care facilities.
For more information related to this sector including infrastructure & development, building permit values, employment, wages and number of businesses in construction, consult recent editions of VIEA’s State of the Island Economic Report.