Park City construction industry remained solid into mid-autumn
November 29, 2013
The Park City construction industry in October approached the $9 million mark, the Building Department reported, evidence that the solid numbers in 2013 continued into mid-autumn.
The Building Department said it issued 185 permits in October valued at just less than $8.9 million combined. The dollar value climbed sharply from the $6.4 million in permits issued in September, but it dropped significantly from the previous October, when the construction industry posted an impressive $12.4 million. The nearly $8.9 million was the third-best month of 2013.
The year-to-date figure through the end of October sat at nearly $60.9 million, up from the $57.3 million posted through the same period in 2012. The construction industry in 2013 and 2012 has enjoyed a rebound from the depths of the recession. The numbers, though, have not approached the record-setting years amassed in the years between the 2002 Winter Olympics and the onset of the recession, one of Park City’s great boom periods.
The Building Department indicated alterations and additions in October continued to have a significant impact on the overall numbers. The department said it issued 153 permits for alterations or additions in October with a combined value of nearly $5.8 million. The alterations or additions in October accounted for a little more than 65 percent of the overall monthly dollar figure. Most of the permits for alterations and additions were issued for residential properties, accounting for approximately $4.3 million.
Alterations and additions have had an outsized impact on the construction numbers since the recession as property owners have opted to renovate or enlarge existing buildings instead of putting up new ones. Some of the larger alterations and additions have soared into the high six figures in value.
The Building Department issued one permit in October topping the $1 million mark — a house on Centennial Circle pegged at $1.6 million. A house on Silver Strike Trail was valued at $838,884. Other notable permits issued in October included a $400,000 pavilion on Deer Valley Drive, a $350,000 addition and remodel on Main Street, a $300,000 addition and remodel on Deer Valley Drive, a $310,000 addition on Royal Street and a $450,000 remodel in Fairway Village.
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The number of electrical, plumbing and mechanical permits issued in October was mixed from September and up from the previous October. The Building Department in October conducted an average of approximately 77 inspections in October, down significantly from September and the previous October.
The construction industry in 2012 enjoyed what was somewhat of a comeback year from the worst of the recession, posting $63.4 million. The figure, though, did not approach the $100 million-plus years prior to the recession.
It is unclear what sort of year-end number will be posted in 2013 as there remains the possibility that high-dollar permits will be issued for projects intending to start in 2014.
The construction industry is one of Park City’s economic bellwethers, showing the breadth of development in the city.