The Park Record posted the article below written by Jay Hamburger, THE PARK RECORD.
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The Park City construction industry in July enjoyed its fourth consecutive month of topping $10 million, putting the industry in a position that it could reach $100 million in coming months.
The July numbers continued a hot streak in the industry as a combination of new projects and renovations or additions have pushed up the totals in 2014. It has been seen as a strong comeback year from the depths of the recession.
According to the Park City Building Department, 141 permits were issued in July with a combined value of a little more than $10.1 million. The dollar figure was down from the nearly $14.5 million recorded in June but up slightly from the just less than $9.8 million tallied in July of 2013.
The year-to-date figure at the end of July sat at little more than $82.9 million, up sharply from the nearly $37.3 million through the same period in 2013. The more than doubling of the year-to-date number from 2013 best shows the strength of the industry this year.
The July numbers were pushed up by alterations and additions. They accounted for approximately $4.7 million in July, or nearly half of the month’s overall dollar value. Alterations and additions have had an outsized impact since the recession as property owners fixed up their places or expanded them instead of building new ones.
The Building Department in July, meanwhile, issued permits for three houses with a combined value of nearly $3.3 million. One duplex also received a permit. The permit was valued at $1.6 million.
Some of the other notable permits issued in July included:
- a $750,000 addition on Round Valley Drive
- a $500,000 addition on the 2500 block of Holiday Ranch Loop Road
- a $500,000 addition on the 1000 block of Park Avenue
- a $250,000 remodel on the 2000 block of Prospector Avenue
- a $225,000 addition on the 1000 block of Park Avenue
The Building Department also issued a series of permits valued in the $100,000s, including on streets like Payday Drive, Bonanza Drive, Royal Street, Silver Cloud Court, Golden Way and Sunset Court.
The developers of the Rio Grande project on the 800 block of Park Avenue received a shoring permit worth $400,000.
The construction industry is in range of hitting $100 million in a year for the first time since 2008. The Building Department has indicated several high-dollar permits are expected to be issued before the end of the year, including for work at Stein Eriksen Residences and The Yarrow.