Building permits dropped 20 per cent in Moncton in 2024 compared to 2023, according to the city’s latest release.

The city issued $270 million in building permits last year, down from $341 million in 2023.

Residential development led the year’s activity with $150.7 million across 449 permits, approving nearly 987 new units to Moncton’s housing market.

However, this was a 16 per cent decrease from the 1,177 new units approved in 2023.

Significant residential projects included were a $17.3-million, 135-unit apartment building and a $16.6-million, 123-unit development building on Millennium Boulevard.

The commercial and industrial sectors performed well, achieving the second-highest outcome on record with $87.2 million in investments.

Notable projects included a $14.7-million warehouse by Greystone Energy Systems and an $8.8-million renovation of a 129,000 sq. ft. warehouse by U-Haul at 25 Trinity Drive.

Institutional investments dropped to $26 million from $52 million in 2023.

Mayor Dawn Arnold highlighted the progress made in 2024.

“There have been several key projects started and completed in 2024, and as we look ahead to 2025, there is more transformative development on the way,” she said.