London has surpassed another milestone, driving housing and economic growth.
As of Nov. 6, the city of London has issued permits for over $2.2 billion worth of construction value.
This milestone allows the city to continue to drive housing and economic growth.
“I think this is a good indication of investment into this city,” said Alan Shaw, London’s chief building official. “It shows that the developers see value in the market, they see profitability and it’s a clear sign of economic growth for our city in general.”
Since January, over 3,200 building permits have been issued, allowing more than 4,000 new residential units to be created across the city.
Building permits are required in order to ensure projects meet code standards.
“The 3,200 permits that were issued so far this year allow all the way from residential decks and sheds, all the way to skyscrapers, large retail, commercial, industrial buildings,” Shaw said.
The five largest building permits by value since July 1, according to the city, have been:
- 320 King Street – Apartment Building (446 units)
- 769 Dundas Street – Apartment Building (213 units)
- 15600 Robyn’s Hill Road – Industrial Expansion
- 1159 Adelaide Street North – Municipal Building
- 1000 Upperpoint Avenue – Public Elementary School
Mayor Josh Morgan said in a statement provided by the city, “Reaching this milestone is another clear sign of confidence in London’s growth and demonstrates the effectiveness of the measures we introduced to deliver new housing and investment.”
“By continuing to streamline approvals and fast-track housing projects, we’re exceeding our early targets and reinforcing our commitment to build new homes and stronger neighbourhoods for Londoners,” said Morgan.
“The investment of the $2.2 billion is a good economic indication that people are seeing viable options in regards to developing and building in London,” Shaw said.
“Obviously, if we build more factories, we employ more people. We build more houses, we provide more housing for people. We build schools and municipal facilities that provide better service for the people.”
The value of $2.2 billion surpasses last year’s total annual value, and with a couple of months left, London is set to experience another record-breaking year.
