Investment in Greater Victoria's non-residential construction sector is on the rise.
The first quarter saw investment in the capital region climb to $102 million, up by seven per cent over the first quarter of 2008 when $95 million was spent, Statistics ÎÚÑ»´«Ã½ data revealed yesterday.
Non-residential building -- industrial, commercial, and institutional projects -- also rose by 9.2 per cent from $93 million in the final quarter of last year, the federal agency said.
Governments are trying to limit the impact of the world-wide financial crisis by putting money into infrastructure projects. Major developments are underway at CFB Esquimalt and the private sector is spending heavily as well.
Cranes tower above the massive Uptown shopping centre development in Saanich, estimated to eventually cost between $150 million and $200 million. A building permit for $94 million was taken out in February for that project.
Detlef Beck, VanCity credit union director of commercial enterprise, said there seems to be "a slight optimism creeping back into the economy."
This optimism is returning slowly, he said. However, VanCity still believes 2009 is going to be a tough year, said Beck, adding that some turnaround may arrive late in the year but it's too soon to make further predictions.
Provincially, non-residential construction lagged in the first quarter of this year, at $1.34 billion, behind the same months in 2008, when it was $1.4 billion, Statistics ÎÚÑ»´«Ã½ said. Building was also below the final quarter of last year, which came in at $1.367 billion.
ÎÚÑ»´«Ã½ was among several provinces hit by a drop in commercial construction.
Non-residential investment fell for the first time since the first quarter of 2005, sliding by three per cent. Overall investment was at $10.8 billion for the first three months of this year, a drop of 1.8 per cent from the final quarter of last year and the first decline since late 2004.
