(Source: The Calgary Herald)
It is now cheaper to build major construction projects in Calgary than it was a year ago.
During the boom years, huge projects in the province had a difficult time finishing within budget because of escalating construction costs on a monthly basis.
But economist Dan Sumner, with ATB Financial in Calgary, said that trend has reversed when you look at recent Statistics Canada data.
“With the recession-associated reduction in demand, the cost of building an office tower, factory, or hospital in Alberta is now more reasonable,” said Sumner.
Non-residential construction prices were 13.5 per cent lower year-over-year in Edmonton as of the second quarter of this year and nine per cent lower in Calgary.
Read Mario Toneguzzi’s full article “Construction costs in Calgary falling: ATB economist” in the Calgary Herald (August 25, 2009).