New Construction In Vaughan Tops Billion Dollar Mark In 2011
The City of Vaughan continues to attract new investment, surpassing the billion dollar mark in issued building permits for the sixth consecutive year.
“At almost $3 million a day, this high level of investment in the City of Vaughan creates jobs, builds stronger communities and expands the tax base,” said Mayor Maurizio Bevilacqua. “There is a good balance between residential and business growth, along with major investments in public transit infrastructure, which reflects a healthy, diversified local economy. Our City is well-positioned for success.”
The value of building permits issued by the City totaled $1.039 billion in 2011. At $619.6 million, residential construction represented 60 per cent of the total activity. Of the 2,057 unit permits, 54 per cent were single-family detached houses. This was below the 67.3 per cent share that detached dwellings represent in the overall Vaughan housing inventory, indicating a demand for higher density housing choices such as townhouses, condominiums and apartments.
Institutional construction reached a record $268.56 million in 2011, a 73 per cent increase over the previous year. This represented a major investment in public transit infrastructure which included $205 million for the construction of the subway station located in the Vaughan Metropolitan Centre, one of six stations being built along the 8.6 kilometre Toronto-York Spadina Subway Extension line. Commercial and industrial construction totaled $67.3 million and $78.6 million, respectively.
“Sustained economic growth is central to our Economic Development Strategy and the City’s efforts to attract and grow existing businesses," said City Manager Clayton Harris. "We are working hard to create employment, maintain low taxes and provide a positive climate for investment.”
City of Vaughan - Value of Building Permits (in millions $)
| ||||||
Year
|
Residential
|
Commercial
|
Industrial
|
Institutional
|
Other
|
Total
|
2002
|
810.4
|
102.6
|
141.5
|
60.8
|
3.9
|
1119.3
|
2003
|
539.4
|
203.3
|
194.0
|
117.2
|
2.7
|
1056.8
|
2004
|
452.8
|
171.1
|
173.9
|
87.8
|
4.8
|
890.6
|
2005
|
434.3
|
176.6
|
166.5
|
54.8
|
4.7
|
837.0
|
2006
|
976.0
|
119.9
|
178.8
|
27.3
|
4.1
|
1306.3
|
2007
|
967.9
|
210.9
|
283.3
|
135.7
|
3.7
|
1601.8
|
2008
|
725.2
|
139.0
|
118.9
|
39.2
|
4.2
|
1026.7
|
2009
|
792.4
|
106.0
|
69.1
|
79.8
|
3.1
|
1050.6
|
2010
|
877.3
|
203.5
|
110.9
|
210.6
|
4.1
|
1406.7
|
2011
|
619.6
|
67.3
|
78.6
|
268.5
|
4.9
|
1039.0
|