North Bay records strong construction activity in 2024, driven by residential growth

0
78

 

Ontario Construction News staff writer

North Bay saw continued strong construction activity in 2024, with residential developments leading the charge.

The total construction value for the year reached $81,661,282, with nearly half—$40,434,703—coming from the residential sector. This included the addition of 99 new dwelling units: 47 single-family homes, 36 additional dwelling units, seven semi-detached homes, and nine multi-residential units.

While the overall construction value of $81.7 million was down from $100.6 million in 2023, it reflects consistent investment across key sectors and aligns with a decade-long trend of solid construction activity in the city.

“The residential growth we saw in 2024, including both single-family and multi-residential units, highlights our ongoing commitment to creating accessible and affordable housing within our community,” said Mayor Peter Chirico.

Although the residential sector’s value fell from $50.7 million in 2023, the 2024 figures emphasize a steady, long-term investment in housing, bringing the total number of new units over the past decade to 991.

The institutional sector saw a significant increase, more than doubling to $24,468,609 in 2024 from $10,013,750 the previous year. The commercial sector reported $10,615,598, down from $16,421,629 in 2023, while the industrial sector experienced a sharp decline, dropping to $4,699,500 from $20,854,500 in 2023.

“These numbers reflect the ongoing confidence developers and businesses have in our city, as well as the importance of initiatives supporting housing, infrastructure, and economic growth,” Mayor Chirico said.

Early indicators suggest that 2025 will also be a busy year for construction in North Bay. The city remains focused on fostering an environment that supports growth and development for residents, businesses, and the broader community.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.