The $93.2-million in construction is nearly double the record-setting year in 2019, where Cranbrook saw $46.7-million in total construction values.
Cranbrook City Council heard the latest report on the final quarter of 2020, where 71 building permits led to $36.8-million in construction. In Q4 2019, there was $9.3-million of construction from 38 permits.
Mayor Lee Pratt said the numbers are awesome and show significant development and growth in the community.
“A lot of people say, well so what? But you know, $93-million – this did not happen overnight, this has been five years in the making,” Pratt told City Council. “If you want people to invest in your community you want to see that the City is investing in itself and it’s future also, and over the last five years we’ve certainly done that.”
Pratt noted Cranbrook’s investment in City infrastructure, roads, water mains, sewer lines. That includes the 1% dedicated road tax, which has been utilized annually through Cranbrook’s Capital Works Program.
The Mayor said the $93.2-million in construction in 2020 also shows the strong support for local jobs, both directly and indirectly.
“These dollars are very important to our local economy, and when you look at it, these dollars have fed a lot of families in our community, which is huge benefit to us.”
Pratt said there was job creation from the construction companies completing the developments to local workers utilizing supports, services, and businesses already established in Cranbrook during the duration of their work.
All-in-all Mayor Pratt believes the building permit numbers are a strong signal that Cranbrook is open to investment opportunities both inside and outside the community.
“It sets the tempo for other developments and industries to consider Cranbrook for investment. They see us investing in our community, having skin in the game, it draws attention and they are much more receptive to coming here and investing.”
The $93.2-million includes 51 new single-family dwellings, 316 multi-family suites throughout the year. The final quarter ultimately saw $32.22-million in residential construction – $25.25-million for multi-family residential and $6.97-million for single-family homes, renovations, updates and other improvements.
The full 2020 Building Permit statistics can be found below.
MORE: Cranbrook Q4 2020 Building Permits (City of Cranbrook)Â
