The recent growth in the value of building permits is a sign of confidence in our province's economic growth, says Development Minister Don MacKinnon, commenting on the recent figures from Statistics Canada on the island economy for the first six months of 1999.
"These figures clearly show that the Island's economy is growing and that government's economic policy is heading in the right direction," MacKinnon says.
The value of building permits issued for the first five months of 1999 was $47 million, an increase of nearly 24% over last year's numbers. This growth is largely due to a 30% increase in residential building permits and a 14% jump in non-residential permits. Housing starts for the first six months were also up 36% over this time last year.
Currently there are a number of public and private sector projects underway which are spurring this increased economic activity such as the School Construction Program, new retail developments and expansions in the accommodations sector. All of these are contributing to the boom in the Island's construction industry, a major employer in the province.
"I'm particularly pleased to see that this growth occurred across the province in both rural and urban areas, with construction activity taking place from Souris to Tignish in a number of sectors. Major projects such as Avonlea Village in Cavendish and the new West Royalty School are putting construction companies to work across the Province creating jobs in island communities," MacKinnon noted, saying that this activity in the private sector is directly connected to the sound economic course charted by government.
"Our government has worked in partnership with the business community over the last three years to create the right climate for growth. Our government has done its part by putting the province's fiscal house back in order and making strategic infrastructure investments. The private sector sees this and is voting its approval by investing in Islanders and their communities," said MacKinnon.