Park City builders pull back from big start to 2014
March 14, 2014
The Park City construction industry in February expectedly pulled back from an extraordinary January, posting numbers more typical for a winter month.
According to the Park City Building Department, 37 permits valued at approximately $2.4 million combined were issued in February. The value was more than double the little less than $1.2 million posted in the previous February, but it fell sharply from the $17.4 million recorded in January.
The January numbers were jarring in the post-recession era. A permit valued at $15 million was issued in January for the redevelopment of the building once known as the Main Street Mall, propelling the month’s tally and providing the industry a significant boost at the start of the year.
The January numbers account for a major increase in the year-to-date figure in 2014 through the end of February compared to the tally in 2013. The year-to-date number sat at $19.8 million at the end of February, a more than tenfold increase from $1.8 million tallied through the end of February in 2013.
According to the Building Department, two permits issued to build houses accounted for most of the value recorded in February. They were worth $1.9 million combined. One of them, located on Solamere Drive, was valued at a little more than $1 million. Alterations and additions were pegged at $489,026, accounting for most of the remainder of February’s total.
Two other six-figure permits were issued in February — an addition and remodel on Deer Valley Drive and a remodel of a commercial property on Round Valley Drive.
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The Building Department in February averaged a little less than 63 inspections per day in February, down slightly from January but down significantly from the nearly 88 per day the department averaged in February 2013.
The number of electrical, plumbing and mechanical permits was mixed compared to January and up from February 2013.
The construction industry in 2013 enjoyed somewhat of a comeback year from the depths of the recession. The numbers, though, did not match the record-setting years prior to the downturn. It is difficult to project this year’s numbers, but it seems 2014 could be a solid year given the strong start.