Ivory-Boyer construction report

As this report reflects the first three months of 2020, the severe economic impacts of the COVID-19 health pandemic are not yet captured. Without knowing what lay ahead, based on first-quarter figures, one could have forecast 2020 as one of the best construction years on record. Total permitted construction value for the first quarter exceeded $2.5 billion, a record. This was led by a surge in the residential sector, with new permitted units increasing by 47.7% over last year, and a 46.5% increase in additions, alterations and repairs (Figure 1). However, as the impacts of the health pandemic continue to ravage the economy, we are likely to experience a 10% decline in residential construction and a 20% decline in commercial construction activity in 2020.