Construction Booming in British Columbia
Construction in B.C. hit a new record in the third quarter of 2013 by breaking the $300 billion mark, according to a new report by ACEC-BC. Total capital cost of major projects in B.C. was up 1.6 per cent over the previous quarter and 31.1 per cent higher than the year before.
All industrial categories experienced increases, but Commercial projects had the largest percentage gain at six per cent or $0.5 billion to reach $9 billion, 13.6 per cent higher than the same quarter as last year. The outlook for 2014 looks strong, supported by increased export and investment activity and additional residential, commercial, and public investment projects.
2013 Major Project Highlights:
Project total capital costs by project status, Q3 2013 vs. Q2 2013:
– Proposed: 2.9 per cent increase to $200.2 billion
– Construction Started: held steady at $83.6 billion
– Completed: 131 per cent increase to $2.6 billion
– On Hold: 11 per cent drop to $17.7 billion
Project total capital costs by industrial category, Q3 2013 vs. Q2 2013:
– Residential & Mixed Use sector: 1.2 per cent increase to $50.9 billion
– Commercial sector: 6.0 per cent increase to $9 billion
– Pipelines & Transportation & Warehousing sector: 3.6 per cent increase to $54.1 billion
– Mining & Oil & Gas Extraction sector: 0.7 per cent increase to $81.5 billion
– Utilities sector: 2 per cent increase to $48.8 billion
– Manufacturing sector: 0.9 per cent increase to $28.8 billion
– Public Services sector: 0.3 per cent increase to $7.6 billion
– Other Services sector: 0.3 per cent increase to $23.4 billion
CCI Group (CCIG) is a multi-disciplinary engineering firm with offices in the Greater Toronto Area, Montreal, Vancouver and Calgary. With a growing staff of experienced and passionate professionals, CCI Group (CCIG) provides technical leadership, sound engineering practices and consultation to the construction and property management industries.
To contact CCIG Vancouver to help with your next project, please email us or call 604.553.4774
