If an 80% increase in business sounds like good news to you, read on, because that’s how much of an increase Total City permits have escalated this year when compared against last year’s numbers. Year to date Summerside issued permits totalling more than $7.8 million as compared to $4.3 million during the same time frame in 2013. Driving the increase this year so far are Commercial and Industrial Permits, showing a significant 375% increase over the same time period last year. Industrial and Commercial permits totals for 2014 represent $3.9 million as compared to just over $800,000 during the same time period in 2013. Residential activity has also trended upward in 2014, with an overall increase of just over 9.3%. The City to date has issued in excess of $3.8 million worth of residential permits versus just over $3.5 in 2013, during the same time frame.
There is new construction on Water Street at the site of the former Shell which is puts an investment of $500,000 into a new super-convenience centre with fully upgraded fuel station. Uptown, the APM development at the corner of Granville and Ryan will soon be completed with Starbucks and the Pita Pit. Tim Horton’s on Water Street is spending almost half a million in renovations. As well, upgrades to County Fair Mall with Sport Check and renovations in the Holman Building are providing additional expenditures; almost $1.5 million into our economy just in construction cost. While all of the developments result in short-term construction jobs, however they also indicate an increase in long-term employment, which is a boon to our community.
New homes, renovations, upgrades; all which show a lively growth pattern from our residents, both existing and new. Pride of place is as integral to our city as jobs a 10% increase in residential permits have been experienced year to date 2014. Consumer confidence in home investment is solid.
Summerside Economic Development Office (SEDO) has also noted that the City is doing well when stacked up against provincial permits. In 2013 and even in 2012 the City was contributing about 7% of the total permit value of the provincial numbers. At this point in 2014 the City permit value is sitting at over 12% of the provincial total – a trajectory that we hope to see maintained for the remainder of the year. That’s good news.