North Bay maintained a strong pace of construction activity in 2024, with residential developments leading the way.
Total construction values for the year reached $81,661,282, with the residential sector accounting for $40,434,703, nearly half of the annual total. This includes the addition of 99 new dwelling units, including 47 single-family dwellings, 36 additional dwelling units, seven semi-detached units, and nine multi-residential units.
While the total construction value of $81.7 million is down from the $100.6 million reported in 2023, it reflects consistent investment across key sectors and aligns with a decade-long trend of strong construction activity.
“The residential growth that we saw in 2024, including new single-family and multi-residential units, reflects our ongoing efforts to encourage and support accessible and affordable housing options within our community,” said Mayor Peter Chirico.
Although residential construction value fell below 2023’s total of $50.7 million, the 2024 figures reinforce a steady investment in housing in recent years, bringing the 10-year total to 991 new units.
The institutional sector saw construction values more than double, reaching $24,468,609 in 2024, compared to $10,013,750 in 2023. The commercial sector recorded $10,615,598, down from $16,421,629 in 2023, while the industrial sector came in at $4,699,500, a decrease from $20,854,500 in the previous year.
“These numbers highlight the continued confidence developers and businesses have in our City and the importance of ongoing initiatives that support housing, infrastructure, and economic growth,” said Mayor Chirico.
Early indicators suggest that 2025 will be another busy year for construction activity. As the City plans for the year ahead, it remains committed to fostering an environment that supports development and growth for businesses, residents, and the broader community.