A nearly 95 per cent increase in construction value for the Town of Essex for the first three months of the year for 2024.
Council was presented with an information report on Tuesday evening, which was received.
The construction value for the first quarter of 2024 is nearly $47-million ($46,874,600), an increase of 94.4 per cent compared to the same time frame in 2023.
This construction includes new and expanding commercial builds, industrial, institutional, and residential developments that required a building permit.
70 single-family dwellings were sold between January and March this year compared to 64 in 2023.
In February 2024, the approval of a multiple residential permit had a construction value of $34-million.
The average sale price for a home in wards 1 and 2 was $507,000 for the first quarter compared to $530,000 during the same time in 2023. Meanwhile, the average sale price for a home in wards 3 and 4 has jumped to $547,000, up from $500,000 in the first quarter of 2023.