The 2019 building stats are in for Hanover, and the numbers are the lowest they have been in over five years.
2019 experienced a downswing in construction activity in Hanover.
Director of Development Don Tedford says Hanover issued 118 building permits with a construction value of 11 million dollars.
This almost 16 million (15.9 million) less in construction activity than the previous year.
New single and multiple residential homes dropped significantly, Tedford says this is part of trend taking place across Ontario.
He says this softening of new construction may be contributed to the large increase in housing costs and a saturation of the housing market.
Tedford says based on the Town's data, Hanover may experience a few more years with these lower numbers, but he fully expects the new housing numbers to increase in two to three years time.
In 2019, only 12 new residential, 11 multi residential, 28 commercial/industrial/institutional renovation building permits were issued.
As opposed to 2018 which boasted 26 new residential, 19 new multi-residential and 34 major renovations in the commercial, industrial and institutional sectors.
As for 2020, Tedford says there are already a few big projects in the works.
This includes the construction of the 128 Long Term Care bed facility, a new 8-unit apartment complex and the completion of a cannabis manufacturing facility.
Five Year Stats
2019 – $11,085,705 worth of construction and a total of 118 building permits were issued
2018- $27,011,497 worth of construction and a total of 131 building permits were issued
2017- $30,271,962 worth of construction and a total of 115 building permits were issued
2016 – $15,050,367 worth of construction and a total of 124 building permits were issued
2015 – $11,862,62 worth of construction and a total of 118 building permits were issued