St. Louis, Mo. sees $1 billion construction boom
This is one of the highest increases in construction value from year to year.
The City's Building Division issued 4,929 building permits and 15,735 trades permits (mechanical, electrical, and plumbing permits) for residential and commercial construction in fiscal year 2016.
The total construction value from FY16 building permits equaled just more than $700 million dollars, an increase of nearly $75 million dollars over last year.
The 12 percent increase represents all types of construction projects, including office rehabs, new lofts, hospital construction, single family and multi-family residential construction, as well as new and rehab commercial construction.
When combined with the $300 million dollar construction value from mechanical, electrical, plumbing permits, the total value of FY16 construction in the City of St. Louis topped more than $1 billion.
"We see evidence of strong anchors helping to foster other growth and development," Otis Williams, Executive Director of the St. Louis Development Corporation, said.
"Take Cortex, for example, which has $500 million dollars worth of development inside its footprint and has leveraged an additional $500 million dollars in the way of new businesses like Whole Foods and new apartment buildings like The Standard outside of its footprint." ■