Park City construction industry drops precipitously
The Park City construction industry suffered a dramatic pullback in March, falling from February and dropping precipitously from the previous March, the Building Department said.
According to the Building Department 66 permits were issued in March with a combined value of a little less than $2.1 million. The dollar figure was down from the nearly $3.2 million recorded in February. The drop was far more pronounced against the number in March of 2015, when the department issued a little more than $23.5 million worth of permits. The little less than $2.1 million was the lowest total since early 2014.
Chad Root, the building official at City Hall, noted, though, the number of permits issued was up even though the dollar figure was down. The department issued 66 permits in March compared to the 39 in February and the 52 in March of 2015.
"It’s just a lot of small permits coming forward, not too many large permits," Root said.
The year-to-date dollar figure at the end of March was a little less than $12.1 million, down approximately 72 percent from the more than $44.2 million logged through the same period in 2015.
Root said the Building Department issued several high-dollar permits in early 2015, boosting the numbers into the spring. They included a project at 205 Main St. and the Stein Eriksen Residences in Deer Valley.
Root said applications for building permits were filed later than is typical this year. He anticipates the monthly reports in June and July will be solid as they are expected to reflect the later permitting.
Alterations and additions, primarily for residential projects, accounted for more than half of the dollar figure in March. A permit to build a house on Thaynes Canyon Drive, valued at $865,032.70, was also issued. The department also issued three six-figure permits for remodels, one of which also involved an addition.
The Building Department estimates the market value of the construction is three to four times the value of the permits.
Root said he anticipates the year-end numbers will not match the 2015 tally but will be solid nonetheless.
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