PETERS: City of Kamloops construction numbers reason for optimism

It was time for a break and a wish for some progress addressing those problems.

Thankfully, we got one piece of very good news this week.

After a quiet 2021, the Kamloops construction sector roared back last year.

The industry set a record for permit value at more than $400 million, more than double the activity from the year prior.

But a deeper look into the numbers shows even more positives.

57 per cent of last year’s permit activity was in residential construction — either building new homes or improving the ones we already have.

The data also shows a whopping 816 new residential units started in 2022 — once again, more than double the starts from the year before.

Of those units, more than three-quarters were in larger condo complexes.

Bringing a lot of supply into the market will eventually help bring prices more into line with what people can afford.

One of the things Kamloops most needs now is a big influx of housing.

The exciting City Gardens project downtown is doing a lot to address the issue, but there are a number of other projects coming on stream as well.

What we hope is 2022 will not be a one-off, but will lead to some momentum.

It’s good for the economy and its benefits will have a big ripple impact for those who need housing the most.

Perhaps the 2023 year-end compilation of top news stories will include some of the good work being done to fix what is broken in our city.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or Pattison Media.

by James Peters