The Berkeley-Charleston-Dorchester Council of Governments’ has released Construction Quarterly, its third quarter analysis of construction trends in the region.
Insights in this edition include:
The number of building permits issued for all new construction in the region in the third quarter of 2017 decreased by 10 percent from the second quarter of this year, and the construction value decreased by about 9 percent.
The number and value of permits issued in the third quarter of 2017 are roughly the same as the number and value of permits in the third quarter of 2016.
An analysis of the commercial permits this quarter revealed $147 million for truly new commercial permit activity and $63 million in upfits.
The number of single family residential permits decreased by 20 percent when compared to the second quarter of 2017.
Permit values also decreased from in the same time frame by 19 percent.
This year’s third quarter numbers are in line with the 2016 third quarter numbers, as construction permitting slowed in number and value. Reasons for reduction may include supply catching up with demand and a conscious jurisdictional effort to slow growth by employing strategies like impact fees.
For more information on the third quarter’s construction updates or to download the full issue, please visit bcdcog.com/ourevents/rfps/.
The Berkeley-Charleston-Dorchester Council of Governments is a three-county regional agency that offers a variety of planning, economic development and social services to grow and develop the tri-county area. BCDCOG’s purpose is to strengthen the individual and collective power of local governments and to help them recognize regional opportunities, eliminate unnecessary duplication, and make joint decisions. For the latest on BCDCOG, visit www.bcdcog.com, like us on Facebook or follow on Twitter at @BDCCoG.