A total of $56.3-million in total construction is underway in Cranbrook, already nearly $10-million more than 2019’s record-breaking year.
Releasing the City of Cranbrook’s building permit and construction value statistics for 2020’s third quarter, the numbers show consistent growth. To date, there has been $56.3-million in valued construction. At this time in 2019, construction values were $37.4-million before eventually finishing the calendar year at $46.7-million. Back then, that figure was Cranbrook’s highest in a 10-year period.
As for total building permits, Cranbrook has received 76 in 2020 so far, as compared to 62 in 2019.
The numbers all reveal a healthy Cranbrook construction market and a wealth of economic activity.
“We’re getting a lot of interest now from developers that normally, you wouldn’t hear from them,” Cranbrook Mayor Lee Pratt told MyEastKootenayNow.com. “They all look at these numbers and when they see these numbers growing every year, then they pay attention and say what’s going on down there, maybe we should take a look? That’s what’s happening now, we’re getting calls from developers, that normally wouldn’t even be on our radar.”
As per the City of Cranbrook’s data, construction values have climbed year-over-year since 2016. Between 2010 and 2015 the City had $133-million in construction, while from 2016 to 2020, the City is projected to finish with over $210-million.
While the numbers are promising, Pratt said it leads to various other opportunities, including job creation.
“That’s something we’re really pleased with is the number of jobs that are impacted with it. People don’t realize it, but it’s a very significant number, like it’s in the hundreds, which is something we haven’t had in the past,” said Pratt. “Once they’re all up and finished, the taxes, it’s going to increase our tax revenue, our tax base, which is what we need if we’re going to maintain and fix the infrastructure and the amenities that we provide the residents of Cranbrook.”
The bulk of 2020’s construction values include Rocky View Place ($35-million), the new housing development on Innes Avenue by Broadstreet Properties, the College of the Rockies’ new student housing ($20-millon), and a handful of other residential and commercial development.
The following is a list of projects noted by the City of Cranbrook in 2020:
- COTR – $20M – Residential
- Innes Ave – $35M – Multifamily Residential
- BC Housing – $7.5M – Multifamily Residential
- 6th St N – $6.8M – Multifamily Residential
- Legacy Lookout – $5.5M – Multifamily Residential
- Bayer Canada – $2.5M – Industrial
- Sports Dome – $1M – Recreation
- Hyundai- $1.5M – Commercial
- CBT – $1.3M – Commercial
- KIA – $1.2M – Commercial
- Nissan – $1M – Commercial
- Heidout – $300K – Commercial
- Old Andre’s – $600K – Commercial
- Food Bank – $600K – Industrial
MORE: 2020 Q3 Building Permits (City of Cranbrook)
With $56.3-million in valued construction, the City of Cranbrook is optimistic that the number could still climb higher before the end of 2020.
“There’s a number of different projects that have been discussed and they’re in the planning stages,” added Pratt. “They haven’t applied for their development permits yet but we’re hoping they will and if they do, we’ll certainly eclipse that $60-million mark.”
MORE: Administration Update – Oct. 26, 2020 (City of Cranbrook)