Building permit values remained above the $200M mark in the last five years. In 2018, residential building permits accounted for 86% of the total building permit values, commercial permits accounted for 12%, followed by Public at 0.69%, Industrial at 0.56% and miscellaneous at 0.46%. 2019 started off as a year of exceptional building activity, $255M worth of building permits were issued by end of May.
Housing starts, like building permits, are a leading indicator of economic activity. Increases in housing starts are indicative of a strong or improving economy. While decreases may indicate economic activity is slowing.
In 2018, 834 housing units were built, 315 were single family dwellings and 519 were multi-family dwellings. Overall in 2018 there was a 16% drop in housing starts compared to 2017.