Value of Red Deer permits dips below 2012 figure
For the first time since May, the value of construction work approved by the City of Red Deer last month was below the figure for the same period in 2012.
The city issued building permits for projects worth a combined $16.1 million in September, as compared with $16.8 million a year earlier.
Residential construction accounted for most of last month’s tally, with $12.9 million in work approved.
That included a $5.2 million permit for the final phase of Medican’s condominium project on Michener Hill.
Commercial permits added another $2.8 million, with public projects contributing $400,000 and industrial work $11,000.
Last September, the city issued building permits for $8.3 million in the residential category, $6.6 million for commercial work, $1.1 million for industrial projects and $800,000 for construction in the public category.
Despite the year-over-year drop-off last month, the combined $185.1 million worth of building permits issued by the city so far in 2013 remains well ahead of the $169.8 million in work approved to the same point last year.
Although permit values for the first nine months of the year have dropped to $84.3 million from $92.6 million in the residential category, and to $24.6 million from $54.6 million under the commercial heading, public permit values have jumped to $36.4 million from $8.8 million and industrial permits to $40 million from $13.8 million.