2015 showed great confidence in the regional marketplace as building permit values grew by over 25% from 2014 to just over $53 million in the Regional District of Okanagan-Similkameen. A significant increase was felt in the institution category up $6 million but most importantly was the category for additions/repairs and plumbing up $2 million, those upgrading their properties.
2016 seems to have continued where last year finished as January’s numbers showed a nice year/year improvement by doubling the value of permits to $3.1 million. Single family dwellings accounted for $2.4 million of the total, more good news for those in the construction business.
The news isn’t so great in Penticton where January numbers were down approximately $2.5 million from January 2015. Commercial activity remains the same but value is down close to $2 million which accounts for the loss. Interesting is 2016 is inline with what was reported January 2014. Commercial/Institutional should lead the way in 2016 with the recent expansion announcements from Gateway Casinos and the Penticton Lakeside Resort which have a combined value of around $37 million. Adding to the general permit values will be the first of three towers by Starline on Skaha Lake Road and the new Patient Care Tower at the Penticton Regional Hospital.