Commercial construction up 48 percent; renovation jumps 70 percent
Laval’s urban planning department reported, Jan. 10, that overall construction work in the island reached $767.3 million, a 13.7 percent increase from the previous year’s total of $661.8 million.
That figure is already several times the inflation rate, reflecting Laval’s seductive business environment.
However, the most telling indicator that Laval’s business-friendly policies are attracting intense corporate interest is in the rate of increase in commercial, industrial and institutional construction, which soared to $159.5 million in 2012, a 48 percent rise from the $81.6 million total, a year before.
In terms of residential construction, Laval maintained about the same pace of expansion as the year before, issuing 3,725 building permits. The value of the work on residential construction nonetheless rose by 4.5 percent to $607 million, easily tripling the inflation rate.
With interest rates remaining at their lowest in recorded history, the urban planning department observed Laval’s the biggest percentage increase in construction work in the value of building permits for renovations issued during the past year, which saw a nearly 70 percent increase from $132.1 million.
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