Developers continue to respond to Fredericton’s growth
Development activity in Fredericton remained steady throughout the first half of 2023 at near-record levels. From January to June, the total value of all newly permitted construction activity was $114.5 million, a slight decrease from 2022’s mid-year number of 134.6 million.
Keeping up with Fredericton’s rapid population growth, development thrived specifically in the residential sector with a construction value of $75.5 million so far this year. These numbers are on track with the 2022’s mid-year development number of $88.5 million.
“We had almost 2,000 people move to the city last year,” said councilor Jason LeJeune, Chair of the City’s Economic Vitality Committee. “More and more people are choosing to call Fredericton home and I’m pleased to see the local development community responding to this growth by providing a diversity of housing options for newcomers to choose from.”
Over the last six months, permits for 379 new housing units have been issued. This number includes forty-four new single-family homes. A 17-unit townhouse development project is being put in place on Mahsus Lane, providing affordable housing for 17 households. Funding for this project was provided by the City of Fredericton using funding received through the CMHC Rapid Housing Initiative.
Despite the steady progression in the City’s development, demand for housing remains exceptionally strong. The City is working to keep up with the rapidly growing population, while aiming to create more affordable housing options.
The total value of commercial construction reached $18.9 million in the first half of 2023. Government construction totalled $12.5 million, while institutional construction came in at $7.6 million.
The numbers were presented to members of the Economic Vitality Committee by staff from the City’s Planning & Development Department. Fredericton ended 2022 with an all-time record $257M in development and construction activity.