The City of Greater Sudbury appears to be off to a good start for the first quarter of 2022, with various indicators pointing to a local economy maintaining a forward momentum.
Although the overall number of building permits issued during the first quarter of 2022 increased slightly from the same time last year, at 305 to last year’s 296, their overall value of $45 million was less than last year’s $52.3 million.
That said, this year’s first-quarter total value exceeded the five-year average of $43.8 million.
"Over the past 24 months, it's been a difficult time for many in our community, but together we have shown resiliency and supported one another," Mayor Brian Bigger said in a media release issued by the city. "Council continues to fund recovery efforts for the community to promote economic growth for Greater Sudbury, and we are seeing the results with a strong first quarter."
Of building permits issued thus far, 83 were for industrial, commercial and institutional builds, which is an increase from last year’s first-quarter total of 76. The same as with overall building permits issued, this year’s total value of $22.6 million is less than last year’s first-quarter total of $36.1 million. This year’s total value is also less than the five-year average of $31.4 million.
“Building permit activity in this area contributes to strong employment growth in the community, demonstrated in part by an unemployment rate of four per cent in March,” according to a media release issued by the city.
A new residential construction value of $10.8 million was recorded during the first quarter of 2022, which includes 42 housing starts, 12 secondary units registered and 68 residential units created.
These numbers are on par or greater than those numbers recorded in 2021, which saw $7.8 million in new residential construction value recorded during the first quarter, including 37 housing starts, 14 secondary units registered and 49 residential units created.
This year’s residential construction numbers exceed all of the five-year averages, including a five-year average of $5.5 million in new residential construction value.
"Greater Sudbury continues to be a place people want to work, live and do business,” city CAO Ed Archer said in a media release issued by the city.
“Our community has been resilient and competitive throughout the global pandemic thanks to investments by Council, great community collaboration and innovative changes to municipal services. Thanks to everyone pulling together, we’ve been able to quickly adapt and continue to grow our local economy.”
The city plans on working to speed up the development approval process in various ways, including online permitting, and engage in public consultation to update its Community Improvement Plans and incentive programs to encourage growth.
The first quarter of the year saw the city launch its Regional Business Centre Downtown Business Incubator project to help entrepreneurs grow their tech-enabled startups.
The Rural and Northern Immigration Pilot Program is also progressing, with 46 people approved to apply for permanent residency during the first quarter. This is an increase from 2021, when nine people were approved in the first quarter. Since the program’s inception, 141 people have been approved, representing 316 new residents when factoring in spouses and family members.
Other sectors, such as arts and culture, continue to recover, with the city reporting two productions filmed in the community at the start of 2022.
Full text of the city’s economic bulletins are available online at nvestsudbury.ca/about-us/economic-bulletin/.
