Building permits issued by the City of Fredericton amounted to over $257 million in construction activity in 2022, which surpassed 2021 activity by over $70 million.
Officials say the city saw development across all sectors, with new residential development valued at $166 million.
That includes a record of 938 new housing units receiving construction permits.
“This is the highest level of construction activity for single homes in over a decade,” the city said in a news release.
Meanwhile, commercial, government and institutional construction permits came in at a value of $90 million.
It comes as Fredericton welcomed 2,000 new residents over the last year.
“The city has been preparing for this level of growth since 2017,” said Fredericton city councillor Jason LeJeune, chair of the city’s development committee.
“Our population has been growing steadily over the past five years, and the 2022 development numbers reflect our clear vision for the future of Fredericton.”
Despite more permits to build residential units, officials say affordable housing remains a challenge, but they’re working with provincial and federal partners to increase the supply in 2023.