City posts record building year

City of North Bay
News Release

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Despite the global economic downturn, the City of North Bay has seen record investment flow throughout the community. Building Permits issued for the year 2009 hit an all-time record of $92 million, which tops last year’s record of $84.4 million.

“There is a positive economic climate in North Bay and we appreciate that the developers and home builders share this excitement and confidence in the City”, said Mayor Victor Fedeli. “We look forward to working with our construction community to outline why they should continue to invest in North Bay in the future”, he added.

Earlier this year, Moody’s Investors Service announced the City of North Bay’s credit rating was maintained as Aa1, five upward bumps since 2002. North Bay was also featured positively in many national publications. MoneySense magazine’s Best Places to Live in Canada ranked North Bay 16th out of 154 cities across the country, and was the only Northern Ontario community to make the top 25.

Councillor Mike Anthony, Chair of Community Services, added “We saw 78 single-family-homes built, for a total of over $38 million. North Bay was acknowledged a few weeks ago by Canada Mortgage and Housing as having the strongest Quarter in new construction starts”. Institutional numbers topped $25 million, commercial starts were over $19 million, and industrial building was close to $6 million”, he added.

In 2006, the record was set at $72 million followed by a further record of $77.6 million set in 2007.

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