Residential, commercial construction is up
Panama City Beach has seen a huge increase in construction in fiscal year 2018-19 compared to the same seven-month period in the previous year.
Building permits filed with the City of Panama City Beach Building & Planning Department, show construction is up for new single-family homes and commercial structures; repairs and miscellaneous building is also up compared to the same time last year.
The total value for all construction from October through April in 2017-18, was $42.58 million, compared to $109.86 million for the same seven-month period in the current year. That’s a 158 percent increase over last year. 2017 construction values for the same time period were $87 million.
The biggest jump has come in the category of new commercial construction, which rose more than 860 percent to $34.4 million, up from $3.6 million the previous year and $3.5 million in 2017. Developers are putting more money in the projects they are building, as the number of projects has been 12 this year, compared to 10 last year. In 2017 there were 15 new commercial construction projects which totaled $3.5 million in value. Condominiums are considered as commercial development and are included in these numbers.
Repairs and miscellaneous for the period jumped 265 percent, in part due to repairs after Hurricane Michael. Last’s year YTD repairs totaled a little more than $13 million and involved 581 projects. Since Oct. 1, 2018, there have been 1,543 projects with a value of $47.85 million. Repair projects for the first seven months of 2017 totaled $10.4 million.
There were 88 new home permits issued this year, with a total of 211,495 square feet. These properties have a value of $27.3 million. The same time last year saw 66 new dwellings with a value of $19.9 million, which was up from 2017 when 59 new homes had a value of $15.8 million.
Signage was up from $238,200 last year to $280,200 this year. New signage in 2017 had a value of $147,083.
The only area that was down for the year, which began October 1, was permits for multi-family dwellings. There was an explosion of multi-family unit construction filed in 2017, totaling $57 million. Many of those units opened in 2018. Permits for construction filed in 2018 and totaling $7.7 million in value, are either still under construction or opened in the last few months. No multi-family permits have been filed this fiscal year thus far.
Click here to see a graphic of the figures presented above.
Public Information Officer Debbie Ward can be reached at email@example.com or (850) 233-5100, Ext. 2261.