Our Outcome: Local Economy is Strong and Diverse
In 2023, 1,029 development and building permits were issued in Red Deer, valued at more than $93,000,000.
Notable permits in 2023 were:
- Building permit for construction of new commercial building at 5441 45 Street, valued at $2.7 million,
- Building permit for interior renovations and new exterior signage at 850-5001 19 Street, valued at $2.1 million,
- Building permit for new tenant improvements on second floor of existing three storey building at 201-4132 50 Avenue, valued at $850,000,
“The investment we saw in 2023, in residential, commercial and industrial construction demonstrates the vibrancy and resiliency of our local economy,” said Amy Fengstad, Acting Inspections and Licensing Manager. “In 2024, we are seeing significant permits come in, particularly in commercial and public service investment.”
Compared to permit values this time last year, current year-to-date values are at $80 million, compared to $45 million last year. Commercial permits make up half of the permit values this year so far, valued at $40 million, and public service investment is approximately one quarter of that value, with permits valued at $19 million.
Examples of public service projects range from the new Justice Centre in downtown Red Deer, to the parkade expansion at Red Deer Regional Hospital, both expected to open later this year.
The City tracks both public sector and private sector investment in our community on an annual basis, through the issuance of development and building permits. With the newly launched Strategic Metrics Dashboard, the public is able to view how this investment is trending over time, as an indicator of our thriving city.
To learn more and to view the dashboard, visit: reddeer.ca/strategicplan.