Construction on the rise again in Rapid City
Barbara Soderlin Journal staff rapidcityjournal.com | Posted: Wednesday, September 8, 2010 8:00 am
The value of building permits issued in Rapid City is up 41 percent in 2010 over last year, a positive sign of growth after two years of big declines in building.
With almost $106 million in projects so far this year, including new retail and residential construction and renovation, Rapid City is back to its 2008 pace after a slow 2009, according to the city's August building permit report. It would take another big year of growth to get back to the decade high seen in 2007, when the city recorded a total of $213 million in building and remodeling.
Among the biggest projects that had permits issued in August (among the monthly total of $15.2 million) were the new $6.8 million Hilton Garden Inn at 815 E. Mall Drive and the new $1.5 million Dakota Steakhouse at 1325 N. Elk Vale Road.
New homes built by the Black Hills Workshop at 640 and 650 Allen Ave. and a new Knights of Columbus hall at 1220 E. Minnesota St. together added another $1 million in work.
Jim Scull of J. Scull Construction, contractor for the new steakhouse, said government stimulus projects combined with low interest rates have made this a better year for building.
"We're very fortunate here, plain and simple, that we sit in an area that hasn't been deeply affected by the recession," Scull said. With interest rates letting families and businesses alike borrow to build, he said, work is under way since the area was "poised for growth."
"There are a lot of pluses" to low interest rates, he said, "and when you have an area that has low unemployment like we do, people are taking advantage of that."
As of the end of August, there had been 1,976 building permits issued in Rapid City, more than the 1,857 issued as of this time in 2009, which was the lowest in the past 10 years. By comparison, there were 2,248 permits issued in August 2004.
Barbara Soderlin Journal staff rapidcityjournal.com | Posted: Wednesday, September 8, 2010 8:00 am
The value of building permits issued in Rapid City is up 41 percent in 2010 over last year, a positive sign of growth after two years of big declines in building.
With almost $106 million in projects so far this year, including new retail and residential construction and renovation, Rapid City is back to its 2008 pace after a slow 2009, according to the city's August building permit report. It would take another big year of growth to get back to the decade high seen in 2007, when the city recorded a total of $213 million in building and remodeling.
Among the biggest projects that had permits issued in August (among the monthly total of $15.2 million) were the new $6.8 million Hilton Garden Inn at 815 E. Mall Drive and the new $1.5 million Dakota Steakhouse at 1325 N. Elk Vale Road.
New homes built by the Black Hills Workshop at 640 and 650 Allen Ave. and a new Knights of Columbus hall at 1220 E. Minnesota St. together added another $1 million in work.
Jim Scull of J. Scull Construction, contractor for the new steakhouse, said government stimulus projects combined with low interest rates have made this a better year for building.
"We're very fortunate here, plain and simple, that we sit in an area that hasn't been deeply affected by the recession," Scull said. With interest rates letting families and businesses alike borrow to build, he said, work is under way since the area was "poised for growth."
"There are a lot of pluses" to low interest rates, he said, "and when you have an area that has low unemployment like we do, people are taking advantage of that."
As of the end of August, there had been 1,976 building permits issued in Rapid City, more than the 1,857 issued as of this time in 2009, which was the lowest in the past 10 years. By comparison, there were 2,248 permits issued in August 2004.
