Lethbridge's construction industry is optimistic about 2024

LETHBRIDGE, ALTA. –

Lethbridge continues to grow as a city with residential, commercial and industrial construction projects totaling $287.9 ​​million in 2023.

“We've seen a little bit of a slowdown in our low-density residential units, single-story and duplexes and things like that,” said Maureen Gahring, general manager of planning and design for the City of Lethbridge.

“But we're seeing the start of apartment buildings, so we've got some apartment buildings built, and investment in the industrial area continues.”

The City of Lethbridge approved 1,328 building permits in 2023. About 31 percent of permits were approved on the same day, 32.2 percent within one to three days, and 25.5 percent within four to 10 days.

“One of the things because of the size of our city, we have a very integrated approval process,” Gahring added.

“So we have a little bit of communication with all the departments in infrastructure, and I think that will help speed up the process.”

Point2Homes compared single-family home prices in 2022 and 2023. In Lethbridge, a home sold for an average of $415,603 in 2023 – a 12.5 percent increase from 2022.

Bridget Mearns, executive director of the Building Industry and Land Development Association (BILD), says the number of homes built in the city is about the same as in previous years.

“Housing starts were made in 2023 compared to other previous years and we've seen in recent years, but it was still a healthy year,” Mearns said.

He said as the industry grows, so does the job market, with approximately 3,500 people employed in construction-related jobs in Lethbridge.

With interest rates still high, industry insiders are hopeful for the rest of 2024.

“We are very optimistic about 2024,” Mearns said. “We feel optimism about consumer confidence, we see migration to our city. We're seeing people coming from Calgary and even other provinces to take advantage of what Lethbridge has to offer, including affordable housing.”

“We're starting to see real activity in the market, which is promising.”

Last year saw growth in all areas of the city, including the city center. Downtown Lethbridge Business Revitalization Zone (BRZ) 23 businesses opened or expanded in 2023.