Commercial development in Red Deer has provided a ray of sunshine amid the economic overcast.
The number of commercial buildings permits issued by the City of Red Deer nearly doubled last month to 27 from 14 in October 2015, The value of those permits nearly tripled to $3.6 million last month from $1.3 million a year ago.
Over the first 10 months of the year, 163 commercial permits were issued worth $55.9 million, compared with 146 worth $28.5 million last year.
October commercial numbers were bolstered with a $1.9 million permit for an addition to the Covenant Health Villa Marie on Carrington Drive. Also helping was a $279,000 permit for a new Elephant and Castle Pub and Restaurant in the new commercial area being developed in Timberlands, a $240,000 permit for First Red Deer Place improvements, and $195,000 for a Domino’s Pizza in Lancaster.
Residential construction remains well behind last year’s numbers with 52 permits worth about $3.4 million issued last month, compared with 98 permits worth $5.3 million in October 2015.
Through the first 10 months of the year, 681 residential permits have been issued worth $37 million, compared with 966 permits worth just under $69 million last year.
Public sector construction continues to be a major economic driver with 40 permits worth $112.3 million issued through October compared with 25 permits worth $91.1 million last year.