Park City builders notch $10 million-plus month
November 10, 2015
The Park City construction industry in September notched a $10 million-plus month, its first since the spring, as builders continue to enjoy a strong year.
The Park City Building Department reported it issued 218 permits in September worth a little more than $10.4 million combined. The number was up sharply from the little less than $7.4 million tallied in August as well as the approximately $6.8 million reported in September of 2014.
Permits for houses pushed the numbers higher in September. The building Department issued eight permits for houses. They were valued at a little more than $5.9 million combined, or a little more than half of the monthly dollar figure.
The eight permits for houses represented nearly a quarter of the year-to-date figure in that category. One of the permits, issued for a house on Ruby Hollow in Empire Pass, was pegged at a little more than $1.6 million. Other permits for houses included locations like Daly Avenue, where two permits were issued, Stein Circle and Hidden Splendor Court.
The Building Department, meanwhile, issued 186 permits for alterations and additions. They were valued at a little less than $4.2 million combined, with the dollar figure favoring work on residential properties rather than commercial ones.
Some of the notable permits for alterations or additions included a remodel valued at $670,000 on the 300 block of Main Street, a $242,000 remodel at the same location and a $250,000 addition and remodel on the 1300 block of Crescent Road. Other six-figure permits included projects on Gillmor Way, Silver Cloud Court and Main Street. The permit for a City Hall art installation on Gillmor Way was valued at $84,780.
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The little more than $10.4 million monthly total was the first time the industry hit the $10 million mark since May. That month’s little more than $25 million is the largest dollar figure of the year thus far and was the last of four consecutive $10 million-plus months.
The year-to-date dollar figure sat at a little more than $116.4 million at the end of September, beating the little less than $106.4 million through the same period in 2014. The industry has hit nine digits in two consecutive years, marking a strong comeback from the depths of the recession. Builders last reached $100 million in consecutive years during a four-year streak between 2005 and 2008.
The Building Department estimates the market value of the construction work is approximately three to four times the value of the permits.
The Building Department, meanwhile, conducted an average of a little more than 81 inspections per day in September, down slightly from the previous month but down sharply from the little more than 101 daily average in September of 2014.
The Park City construction industry is amid one of its busiest ever two-year stretches as the city continues a post-recession boom. The construction gains have been wide ranging, involving large new projects and numerous alterations and additions. High-dollar permits were attached to some of the alterations and additions.
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