Recovery on track as city construction flourishes
Recovery on track as City surpasses $280 million in construction this year
Cambridge, Ontario –The City of Cambridge has achieved over $280 million worth of construction value from building permits issued through the first half of 2021—a 274% increase over the same period in 2020.
The achievement represents 852 building permits issued in the residential, commercial and industrial sectors and comes at a time when building and development continue to be key for pandemic economic recovery.
“This is a milestone for all of us in Cambridge as we continue to work to build the community we want for future generations,” said Mayor Kathryn McGarry. “New construction and building is indictative that our economic recovery is on the right track. This means we’re adding jobs, housing and further amenities for those who choose to live, work and play here. We’re committed to working with all partners on meaningful projects and developments that add to the future sustainability and economic prosperity of Cambridge. Congratulations to our staff team for working through difficult challenges to continue to grow our city.”
The increase can be attributed in part to projects that were delayed during initial pandemic shutdowns. It is anticipated that over the next year the City will realize new key development projects for the North Cambridge Business Park, as well as major new investments in Downtown Cambridge, Preston Towne Centre, and Hespeler Village.
Permits have been issued for a range of projects thoughout Cambridge, including new residential housing, homeowner renovation projects, upgrades to businesses and restaurants, and new commercial and industrial buildings.
“The significant growth we have seen so far this year sends a clear message of confidence in the economic health of Cambridge,” said Cheryl Zahnleiter, Deputy City Manager, Corporate Enterprise. “It shows that we are a community that is desirable for development and we expect this momentum to continue and entice future investment opportunities.”
“I am proud of the Building team for their ability to meet the demands of this volume of permits,” said Hardy Bromberg, Deputy City Manager, Community Development. “They have remained focused on reviewing these investments in our community in a timely manner, while also ensuring they are built safely and meeting the provincial building code.”
· The number of building permits issued between January and June 2021, increased 85% from the same time frame in 2020, and 26% over the five-year average.
· 852 building permits were issued between January and June 2021, compared to 460 over the first half of 2020.
· The construction value of building permits issued between January and June 2021, was $286,650,391. The value over the same timeframe in 2020, was $76,684,082 and the five-year average was $153,390,024.
· Between January and June 2021, the number of building permits issued for new residential units was 566. This is compared to 95 permits in 2020, for new residential units during the same time frame and a five-year average of 332.