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New Construction Dips in 2011

Tuesday, 31 January 2012 08:36

New construction continued to slow down in Woodstock in 2011. New figures released by city hall this week show $73.2-million in new construction. That's a 5 per cent drop from 2010's $76.9-million. However, Development Commissioner Len Magyar says there were some very positive developments last year. "I tend to look at industrial. And on the industrial side of things, it was actually the 4th best year in the past decade, so it speaks to the amount of activity that was generated mainly by local businesses that were expanding, renovating and updating their facilities." The largest projects included the new Woodstock Hospital Professional Building, and the new retail strip including No Frills, and a future SportChek and Dollarama. Woodstock Mayor Pat Sobeski isn't overly concerned about the decline. "Commercial and Industrial were down about 5% from last year. So it's down, but just slightly. Residential numbers have stayed pretty consistent over the last 5-year period." Residential values totaled $45.6-million last year, down from 2010's total of $51.6-million. But Magyar says there are still a lot of developers with deep pockets, building new sub-divisions in the city.

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