Park City construction industry suffers a sharp pullback
The Park City construction industry pulled back sharply in June, the Park City Building Department said, logging its worst month as measured by dollar value since January.
The drop was dramatic after a four-month stretch of especially strong numbers that put the industry in position for another year topping the $100 million mark.
According to the Building Department, 153 permits were issued in June worth a little more than $7.3 million combined. The dollar figure was significantly lower than the previous month and the previous June. The department in May issued a little more than $25 million worth of permits while the total was a little less than $14.5 in June of 2014.
The year-to-date figure in 2015 sat at a little less than $89.7 million at the end of June. The figure beat the approximately $72.8 million that had been logged through the same period in 2014. The nearly $89.7 million posted by the end of June leaves the industry poised to reach the nine-figure mark for the second consecutive year, but it is not clear how much higher the number will climb past $100 million.
The industry in 2014 hit the $100 million mark for the first time since 2008. It was a comeback year after a drop in construction during the recession. The year-end total in 2014 reached $144.9 million. There were several $100 million years during a boom era between the 2002 Winter Olympics and the onset of the recession.
Alterations and additions propped up the June numbers. The department issued 133 permits in June for alterations and additions. They were valued at a little less than $5.5 million combined, or approximately three-quarters of the monthly dollar figure.
The department also issued four permits for houses. The permits were valued at a little more than $1.7 million combined.
Some of the six-figure permits issued in June included:
There were also several interior remodels valued at more than $100,000.
The number of electrical, plumbing and mechanical permits was mixed compared to the previous month and the previous June. The Building Department conducted an average of just more than 96 inspections per day in June, up significantly from the month before but down from the previous June.
The construction industry is continuing a strong rebound from the depths of the recession. The Building Department this year has issued permits for large developments, including for work at Stein Eriksen Residences in Deer Valley and the Park City Medical Center, as well as numerous permits for significant additions or remodels. The Building Department has credited a strong economy and Park City’s desirability for the construction comeback.
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