Park City construction industry outpaces 2014 by millions
November 27, 2015
The Park City construction industry continued to post strong numbers into mid fall, the Park City Building Department reported, keeping contractors on pace to beat the figures of an especially impressive showing in 2014.
The Building Department said the year-to-date dollar figure stood at a little more than $128.3 million at the end of October. The sum was a little less than $118.8 million through the same period in 2014, a comeback year for the industry from depths of the recession.
Officials early in 2015 anticipated the numbers this year would challenge those in 2014, saying there were several large developments that could push the dollar figure higher this year in addition to the numerous smaller projects across Park City. It seems likely that the numbers will remain ahead of 2014 with just two monthly reports remaining before the end of the year.
The Building Department in October issued 168 permits valued at a little more than $11.9 million combined. The dollar figure was up from the number in September but fell from figure in October of 2014, when approximately $12.4 million worth of permits was tallied.
October was the second consecutive month the dollar figure reached eight digits and the sixth month in 2015 of reaching at least $10 million. The yearly tally in 2015 includes a notable $25 million-plus in May.
The single-family house segment accounted for more than half of the dollar figure in October, according to the Building Department, which issued 11 permits for single-family houses last month. The permits are valued at a little more than $6 million combined and ranged from the $200,000s to nearly $900,000. Some of the locations included the 2300 block of Lucky John Drive, the 1100 block of Lowell Avenue and the 1000 block of Norfolk Avenue.
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The Building Department, meanwhile, issued a permit for a duplex on the 6900 block of Stein Circle. The permit is valued at a little less than $1.8 million.
Alterations and additions, though, continued to account for a significant proportion of the dollar figure. Permits in those categories totaled a little less than $4.1 million. The permits were primarily issued for work on residential properties. One of the six-figure permits was a $500,000 addition and remodel on the 2600 block of Telemark Drive. The Building Department also issued a little more than $900,000 worth of permits for three projects on the 700 block of Main Street.
The Building Department estimates the market value of construction projects is between three and four times the value assigned to the permits issued by the department.
The number of electrical, plumbing and mechanical permits was generally up from the previous month and the previous October. The number of inspections the Building Department conducted each day, 117, was up from the approximately 87 per day in September but down sharply from the upward of 145 per day tallied in October of 2014.
The construction industry is amid one of it strongest two-year streaks, surpassing the $100 million mark in consecutive years for the first time since a four-year run between 2005 and 2008. Industry figures and the Building Department say Park City is a desirable place for permanent residents and people purchasing vacation homes, driving the demand for new properties and ones that are fixed up or expanded.
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