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County building permits fall while commercial valuation rises, staff says
Summary
Planning Director Charlie Nichols reported a nearly 20% drop in permit counts year-to-date (158 fewer permits, 132 residential) while commercial valuation is about $9 million higher year over year; Nichols tied the trend to national residential slowdowns and mortgage-rate pressures.
Charlie Nichols told the Board that permit counts are down almost 20% compared with the same period last year and that the valuation year-to-date remains up because of larger commercial projects.
"Our permit numbers are down almost 20% from the same time period last year," Nichols said, noting a drop of 158 permits, of which 132 were residential. "Our valuation is still up ... our commercial projects are up year over year. We are about $9,000,000 higher in valuation for commercial projects at this time than we were at this time last year."
Nichols cited U.S. Census figures showing residential building permits nationally down about 11.1% year-over-year in August and said builder confidence and higher mortgage rates are consistent with a residential slowdown. He said the county's permit-fee revenue has not yet declined because valuation remains elevated, but cautioned that continued residential weakness could affect fees.
The Board did not take any action; the report was accepted for informational purposes.
