The construction industry is an important contributor to Nanaimo's economy. It is the fourth largest employment sector and provides over 3,200 jobs for 8% of the labour force with 1,374 local construction firms.
The majority of construction activity is in the residential market, which accounted for over 55% of building permit values in 2009. Commercial projects accounted for 26% of building permit values. Multi-family dwelling construction has been increasing in recent years. The Canadian Mortgage and Housing Corporation forecasts (CMHC) estimate approximately 500 single detached and 430 multiple family units will be constructed in 2010. Forecasts are similar for 2010 with 575 new single detached units and 425 new multiple family units in Nanaimo.
The construction industry has benefited from continued population growth in the Nanaimo area; growth is currently at an annual rate of 1.5%.
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