Halton Region reached a new milestone in 2016 as building permit construction values topped $2.1 billion, representing a 19% increase over last year. The residential market accounted for over 60% of the overall construction value and also represented a new record for residential construction values with over $1.3 billion in residential projects initiated during the year – 18% higher than last year’s residential construction record.
In comparison to the 10-year annual averages, construction values exceeded trends in nearly all building categories. Coming in at $1.3 billion for 2016, residential development was 35% above the 10-year average. Commercial construction of office and retail real estate reached $368.5 million in 2016 – 17% higher than average. Institutional construction value totaled $399.5 million in 2016 – 97% above average as well. Meanwhile, industrial construction values across the region lagged behind their 10-year average – down 39% to $64.5 million in 2016. Overall, development activity in Halton eclipsed its 10-year average by 35% in 2016.
Halton’s record construction values were boosted in 2016 by a significant rise in development activity in Milton and Halton Hills. Overall construction in Milton rose 74% to $600 million and Halton Hills climbed 64% to $235 million. Combined, Milton and Halton Hills accounted for a 39% share of Halton Region’s development activity, while Oakville represented 42% and Burlington made up 19% of construction value in 2016.
The influx of residents and businesses and the desirability of Halton Region has prompted this year’s record-breaking development activity across the region. This is just one element of Halton’s strong economic position. Check out our DataInsights blog next week featuring highlights from Halton’s 2016 Economic Review, which will showcase the past year’s economic, real estate, development and business activity.
We’re here to help. Contact us for assistance in expanding your business in Halton Region, or for additional information on the Halton economy. For more detailed statistics and historical trends, visit halton.ca/datacentre.