According to data provided from Statistics Canada, the City of Brampton’s total construction value rose by $561 million in the fourth quarter of 2014, resulting in over $2.2 billion in total construction value from January to December. This represents a year-over-year increase of close to $900 million in total construction value.
In the fourth quarter, the industrial construction value increased by 57.3 per cent (over $24 million) and accounted for approximately 36 per cent of the total industrial value from January to December ($67 million). This increase also pushed Brampton’s national industrial ranking from 12th in third quarter to 9th in the fourth quarter.
Commercial construction values experienced an increase from the third quarter to the fourth quarter by approximately 39 per cent. Brampton commercial construction values accounted for 36 per cent of non-residential construction values. The total commercial construction value is $240 million in 2014 compared to $193 million in 2013.
Institutional construction value in the fourth quarter increased by $31 million and brought the City’s total institutional construction value to $327 million in 2014. Institutional construction value accounted for 54 per cent of non-residential construction; a year-over-year increase of close to $265 million or 283.6 per cent.
Residential construction value in the fourth quarter were strong with an increase $438 million, bringing the total residential construction value to $1.6 billion. There were a total of 4,367 units issued permits from January to December, of which 61 per cent were single detached, 14 per cent were semi-detached and 25 per cent were row/townhouse.
In the Greater Toronto Area market, Brampton ranked 2nd behind the City of Toronto in total construction, institutional construction and residential construction in 2014. Brampton placed 3rd in non-residential construction and 4th in Industrial & commercial construction.