Moncton continues to grow with strong development during second quarter

The City of Moncton is reporting a significant surge in building permit activity for the second quarter of 2024. (Alana Pickrell/CTV News)

Moncton continues to grow this year with the city already reporting a “significant surge” in building permits for the second quarter of 2024.

437 permits were issued representing a combined total of $92.2M.

Economic Development Officer, Mohamed Yessaad says this year has seen a 50 per cent increase compared to the same period last year and currently stands just shy of $150M.

“As you can see around the city, there is development, there is cranes everywhere around the city, as well as industrial development and this year is very very hot market,” he said.

“We still are affordable compared to other jurisdictions across the country, especially when it comes to industrial development, so for example a cost for an acre of industrial land in Halifax is around $1M, where you can get it here in Moncton between $250,000-350,000 an acre.”

Breaking down the numbers, the city issued 21 permits for institutional and government infrastructure for a total of $12.2M, 51 permits valued at $29.9M for commercial and industrial construction and 152 permits issued for the residential sector in the second quarter which amounts to 306 new units.

Yessaad says the city is currently on track to help meet the housing demand.

“Usually the average unit that the city needs in terms of residential is around 900 units, so for Q2 2024, we have been successful to create 306 units, so I believe we are in a good path to reach our target for this year,” he said.

Adding, “for 2023 we created 1100 units and in 2022 we created 1200 units, so I believe we are on the right path to reach out our target of 900 units, which will meet our need.”

In terms of what type of units are going up, Yessaad says he believes it’s a mix between affordable housing and residential units.

“These projects are not just numbers: they represent homes, jobs, and opportunities for our community,” said Director of Economic Development for the City of Moncton, Kevin Silliker in a release.

“We are dedicated to supporting this momentum and ensuring that Moncton remains an attractive destination for business and investment.”

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