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Value of B.C. construction starts rebounds in 2017

The value of British Columbia’s largest construction starts has rebounded after steep 2015-16 declines. The average estimated value of construction starts in B.C. fell 71.3%, or $474.9 million, from $668 million in 2015 to $193.1 million in 2016.
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The value of British Columbia’s largest construction starts has rebounded after steep 2015-16 declines. 

The average estimated value of construction starts in B.C. fell 71.3%, or $474.9 million, from $668 million in 2015 to $193.1 million in 2016. Last year, average construction start values grew $71.3 million, or 36.9%, compared with 2016. Despite the increase, average construction start values were below 2014 levels of $284.9 million, prior to the 2015 high.

While the average value can be inflated by billion-dollar starts, the median value in Business in Vancouver’s Biggest B.C. Construction Starts in 2017 list (page B8) has also fallen over the past five years, signalling that declining value is widespread throughout the top construction starts. 

However, the median value of construction starts in 2017 was 15.3% higher ($128 million) than the 2015 median of $111 million.

 Estimated value of B.C.’s largest construction starts

Over a longer term, both average and median values of construction starts have been declining. Since 2011, the average value of construction starts has fallen 29.9% to $264.4 million in 2017 from $377.1 million. The median value dropped even more. It was down 52.3% to $128 million in 2017 from $269 million in 2011.