Construction values in Cranbrook rose more than 30 per cent last year.
That’s compared to what City CAO David Kim called an “unprecedented 2016”, which experienced a 50 per cent growth in development versus 2015 numbers.
Kim says back to back years of such progress shows Cranbrook is heading down the path of major economic growth.
He suggest the Key City is starting to get noticed as a promising place that offers all the necessary amenities and more.
In addition, he believes the majority of the development is home grown by local people who are noticing positive changes and gaining confidence about the economic landscape.
$34.4 million was invested into commercial and residents development last year up from $26 million in 2016.
$13.6 million was residential construction and $13 million was on institutional (including the new $10 million Trades Training Facility being constructed at College of the Rockies’ Cranbrook Campus).
Remarkably, $21.2 million of 2017’s investments came in the third quarter (roughly 62% of the entire year’s values).
Kim says what you don’t see in these numbers is the amount of capital investment the City itself is investing into Cranbrook.
He points to the $14 million they spent on road repairs in 2017.
– Cranbrook CAO David Kim