Major project investment activity slowed down throughout the Kootenay region last year.
According to the Chartered Professional Accountants of British Columbia (CPABC), the total value of major projects in the region was just over $5.0 billion in the third quarter of 2024, down 2.4 per cent from the same period in 2023.
Mike Calder, CPA and partner at MNP Canada, says, “There aren’t any substantial resource projects underway that will boost our industrial capacity,”
As of Q3, there were 16 projects under construction valued at $2.4 billion, with nearly three-quarters related to residential or resort developments. Utilities made up most of the remaining value.
New housing construction fell sharply in the region’s largest centres. There were 109 combined housing starts in Cranbrook, Nelson and Trail in 2024, down 62.7 per cent from 292 the year before.
Nelson’s multi-unit construction saw a significant drop, with just 28 starts compared to 179 in 2023. Cranbrook had 76 starts, mostly detached homes, while Trail had five.
Nearly 90 per cent of new units across the region were detached or semi-detached.
Calder noted the ongoing trade dispute with the United States is weighing on investment confidence. “There is a general concern around how easily businesses can pivot and what the impact on workers will be,” he said.
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