New home construction falls off in 2022
Building permit values dropped in 2022 compared to 2021 but were the third highest total since 2013, indicate records released by the City of Terrace.
Most notable was a drop in single family home construction values from 43 permits amounting to $12.759 million in 2021 to 20 permits worth $7.2 million in 2020. The city recorded 20 residential renovation permits issued in 2022 worth $4.849 million compared to $948,000 spread over 23 permits in 2021. It’s important to note that there can be a time lag between a permit being isssued and construction beginning. A permit for an apartment complex at Clinton St. and close to the Anglican church valued at $2.5 million was issued in December but no construction has started.
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