Vernon is on pace for record number of new homes approved in 2022

Vernon is on track for a record number of approved residential units in 2022.

A report to Congress ahead of its next meeting on Monday, November 28, highlights Vernon’s third quarter economic and tourism indicators to provide a complete picture of Vernon’s economic activity.

According to the report, 42 building permits were approved in the third quarter of 2022, bringing the total so far this year to 322. We have seen more multifamily projects and fewer single family homes compared to the last few years.

“With this change, 2022 is on pace for a record number of approved housing units,” the report said.

Building permits representing more than $61 million worth of construction were approved in the third quarter, bringing the year-to-date total to more than $165 million. That was just $8.4 million below the current annual record of about $173 million set in 2021, and is still one quarter away.

“This increase in the value of building permits is due to inflationary pressures on construction costs (both materials and labor) and an increase in the number of multi-family permits, which generally have a higher value per permit than single-family permits. It could be due to the combination, ”said the report.

By the end of the third quarter, 392 residential units had been approved for construction. This exceeds the number of units approved in 2017, 2020 and 2021, but falls short of those approved in 2018 and 2019. -Family units, including suites) outperform single-family permits by more than 2 to 1.

Brendan Sikora

development economics tourism vernon