Park City builders suffer dramatic pullback
The Park City construction industry pulled back sharply in February, the Building Department said, leaving the numbers through the first two months of the year well behind those posted in 2015.
According to the Building Department, the year-to-date dollar figure at the end of February was just less than $10 million, less than half of the nearly $20.7 million that had been logged through the same period in 2015.
The figures in February hurt the overall numbers. The Building Department said it issued 39 permits in February worth a little less than $3.2 million combined. The dollar figure was a significant drop from the nearly $6.1 million posted in January and a dramatic fall from the nearly $17.6 million that was recorded in February of 2015.
Permits for single-family houses accounted for most of the dollar value of the permits in February. The Building Department issued three permits for houses valued at a little more than $2.2 million combined. One of the permits, issued for a house on the 2400 block of Morning Sky Court, was valued at nearly $1.6 million. It was the most valuable permit by a wide margin issued in February.
There were no other permits issued for new structures in February. Permits for alterations and additions, though, tacked on another $878,857.36 in value. There were 22 such permits, mostly for work on residential properties.
Six-figure permits issued in February included an addition and remodel valued at $300,000 on Single Jack Court, a remodel valued at $225,000 on the 7100 block of Little Belle Court and a permit pegged at $135,000 for an interior remodel on Thaynes Canyon Way.
The Building Department estimates the market value of the construction is three to four times the value attached to the permits.
The number of electrical, plumbing and mechanical permits issued in February was mixed compared to January and the previous February. The Building Department conducted an average of nearly 62 inspections per day in February, down from January but up significantly from the previous February.
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The unemployment rate in Summit County in September rose slightly and the state upwardly revised the August figure, evidence job gains in the Park City-area have largely stalled.