The value of building permits issued in the Town of Olds decreased by 59 per cent in 2013 compared to 2012.
Even though the number of permits processed was almost identical in the two years (223 in 2013 versus 225 in 2012), the value of the permits was $22,074,230 in 2013 compared to $53,605,540 in 2012.
Permits for two multiplex seniors homes were processed in 2012 worth $12.7 million while no permits were processed for multiplexes in 2013. There were also 43 permits for commercial structures processed in 2013 worth $3,941,000 compared to 39 commercial permits in 2012 worth $10,187,135. A total of five institutional permits valued at $4,030,000 were processed in 2013 compared to 16 institutional permits processed in 2012, which were valued at $15,605,150.
ìIt's the type and the scope of builds that are going on (that explain the differences),î said Norm McInnis, the town's chief administrative officer. ìOne of the things that I look for in this stuff is what is the mix between residential and non-residential. Right now, we're at about 70 per cent residential and 30 per cent non-residential on our full assessment. And we want to see that the non-residential growth keeps pace with the residential growth.î
He added the value of construction in the commercial, industrial and institutional categories in both years was a significant part of the total value of permits.
ìSo that's good. Our non-residential growth is keeping pace with our residential growth and in some years the value of permits will be more or less than others depending on if there's big projects or not, but if we keep that good mix between residential and non-residential growth, we'll be healthy going forward.î
McInnis said the objective for the community is to have business growth match residential growth so that people are living and working in Olds.
ìWe don't want to become a bedroom community of Airdrie or Red Deer or Calgary so we make sure that those non-residential permits keep coming in and people keep investing in Olds and creating jobs,î he said.
Town administrators hope there will be some development happening in the southeast industrial park this year, while construction of student housing at the college will be happening. McInnis said there could be other significant commercial projects that happen in 2014 if developers secure land they are eyeing, but he said those projects are in their infancy and can't be counted on yet.
