Construction values are up 41 per cent in Cranbrook compared to last year’s unprecedented growth.
CAO David Kim explains, year to date, the numbers are up to $31.2 million from $22.3 million at this point of 2016.
At the end of 2016, construction values were up 55 per cent in Cranbrook compared to the previous year.
Kim says this is an incredible momentum for the city.
According to staff reports, July through October this year alone there was $21.2 million worth of construction versus $8.3 million during the same stretch in 2016.
The city manager says municipalities across North America use these values as a barometer to gauge growth.
Kim affirms the growth Cranbrook is experiencing is very signigant.
He says its having a cascading effect on the community, benefitting the labour and housing markets, as well as adding revenue to the city.
Kim suggests outside developers are taking notice.
$5.3 million has been invested into commercial development so far this year compared to just $912,000 in the same period of 2016.
There was a serious spike in institutional development which went from under $700,000 from January to October last year to $13 million this year.
Kim credits that to upgrades at East Kootenay Regional Hospital.
Kim adds the City is devoted to continuing to grow Cranbrook and residents and local business owners should want to do the same.
– Cranbrook CAO David Kim