Growth in Commercial Construction

Posted on September 21st, 2011 by amy@vantiscommercial.com

City of Sioux Falls Building Permit Data – Year-to-Date August 2011.

Sioux Falls is enjoying a third consecutive increase in building permits published through August 2011.  Total building permits YTD for 2011 is 5,397; this number compares to the previous 2 years’ permits for the same period of 4,397 for 2009 and 5,041 for 2010.

 

Total construction values of the permits for the period January through August are:

2009:  $176,735,683

2010:  $201,669,390

2011:  $202,962,443

Further observation reveals the average value of the permits has fallen somewhat from $40,195 in 2009 to $37,607 in 2011; however, this should not be alarming as larger commercial projects have made their way back into the local Sioux Falls economy.

Specifically, Non Residential Permits through August 2011 total $33.2 Million.  This is a significant increase over the previous year’s value of $17.5 Million.  Non-Residential Permit values are further broken down as follows:

($Millions)

2009 2010 2011
Manufacturing $    5.20 $    4.10 $    9.90
Commercial $    2.30 $    7.90 $    6.80
Office Institutional $   18.50 $    4.70 $   12.20
Other $    1.00 $    0.80 $    4.30
Total $   27.00 $   17.50 $   33.20

Activity in Multi-Family Units is slowly increasing from the previous year as well.  Permits were issued for 244 units through August 2011, compared with 346 units in 2009 and 200 units in 2010.

As mentioned earlier, a few larger, Non-Residential projects are taking shape within the community.  A new Holiday Inn Express is one of the larger new construction projects which began in August; the permit value was $2,900,000.  Dunham Companies are continuing to develop the former Randall’s site now known as Plaza 41 at the intersection of 41st Street and Kiwanis Avenue; a 20,000 +/- square foot strip mall will be home to a new Subway, RCC Western Store, and another Tokyo restaurant.  Probably the most prominent new construction project in Sioux Falls is the CNA Surety building taking shape on the river’s East Bank; a permit was submitted in August for the amount of $9,100,000 to finish 4 floors of the structure.

Please contact the principles of VANTIS Commercial Real Estate at 605.215.0940 or info@vantiscommercial.com for additional information or to discuss a project of your own.

 

*Information form the City of Sioux Falls Building Permit Data System

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