The value of construction projects issued new building permits in the City of St. Louis increased significantly in January 2018, signaling an increased appetite for investment in the City compared to prior years.
Last month the City issued 352 building permits for projects totaling $101,239,206 in value - $80 million more than December 2017 and a $55 million increase from the same month last year.
“This is a very encouraging trend,” Mayor Lyda Krewson said. “It’s exciting to see new development throughout our City.”
These numbers are a continuation of growth in project value seen in the first seven months of the fiscal year. Between July 2017 and January 2018, building permits have been issued for projects valuing $452,267,685, a 52% increase over the same period in FY17.
New development has not been limited to the central corridor. In the first seven months of FY18 alone, eight wards across the city have exceeded the total building permit value for FY17. They include Wards 1, 3, 4, 5, 10, 11, 20 and 24. Six additional wards (7, 9, 12, 13, 19 and 27) are on track to surpass annual totals by the end of the fiscal year in June 2018.
The 3rd Ward, which includes parts of the Hyde Park, College Hills, Fairground, and JeffVanderLou neighborhoods, has drawn particularly strong interest, with permits issued for 31 new single-family homes and a total investment of $4.2 million in the month of January.
“Strong numbers are being posted across the City,” Building Commissioner Frank Oswald said. “It’s encouraging that significant investments are being made on the North and South sides of the City, not just the central corridor. There’s a growing confidence among builders and investors in the St. Louis market.”