City of Surrey's 2022-2026 Financial Plan

ECONOMIC OVERVIEW

The total building construction value in 2021 has increased by 38% compared to 2020. In alignment with an increase in overall real estate residential activity, the City saw an increase in permits issued for multi-family dwelling units, helped in part by the City’s Surrey Economic Action and Recovery Plan incentives, given to the development community to encourage and accelerate the implementation of larger scale projects that could generate jobs and important investments in the City. Due to a strong real estate market and a continued increased demand for residential development in the City, Planning application fees collected in 2021 were 14% higher than those collected in the prior year. Due to a 9% increase in the number of businesses obtaining their business licenses in 2021 as compared to the same period in 2020, business license revenue has increased by 8%. This is indicative of resumed confidence in the business community to get back to growing their businesses in Surrey, after a tough 2020 financial year due to the onset and impact of COVID-19. Building on the robust 2021-2025 Capital Financial Plan, the City, with support and direction from Mayor and Council, continued its momentum with further capital investments as part of the 2022-2026 Capital Financial Plan. With Surrey growing at an unprecedented rate, the City has prioritized new capital infrastructure projects that will ensure the recreational , cultural, and transportation infrastructure needs of its citizens will keep pace with the City’s growth.

City of Surrey | 2022—2026 Financial Plan | Financial Overview

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