BOUNTIFUL – From North Salt Lake to Layton, construction activity has been on a strong upswing, this year over last.
Figures from the University of Utah’s Bureau of Business & Economic Research indicate nearly 500 residential units have been approved in North Salt Lake. Most of those are tied to the under-construction Eaglewood Village project at the city’s south end.
Layton, meanwhile, has seen a resurgence, as well, with nearly 450 residential unit permits approved.
In the August, 2011 to August, 2012 period, Layton approved 214 residential permits, placing it 9th among the state’s cities.
Both cities’ activity is through August, the latest figures available. But with the exception of June, construction activity this year compared to the same period a year earlier was up dramatically Р by as much as 395 percent in April and 230 percent in July.
Most other communities saw fairly consistent construction activity. For example, Centerville approved well over 100 residential units. Farmington continued its strong growth rate, with more than 280 units approved through August.
Other cities saw lesser amounts, including Kaysville with more than 60 approved during that period, and Syracuse more than 75 units.
Even tiny Fruit Heights saw relatively strong housing permit growth that totalled several dozen units over the year.
Bountiful, which is virtually built out, reported 21 residential permits for the January-August 2012 period.
The change in residential permits from September 2011 to September of this year was a 38.7 percent hike, the sixth highest percentage growth in the nation. That’s according to “Utah’s Economy,” recently released by Commerce Real Estate Solutions.
“Finally, Utah’s longest home building construction contraction appears to have run its course,” the report noted.
For seven consecutive years the number of new residential units built in the state fell, from a high of 38,300 units in 2005 to 8,600 units last year.
About 7,500 new homes are expected to be approved and/or built this year. It’s a 40 percent jump from 2011 but still would rank as the lowest since 1990 if the last five years weren’t considered, the report said.
Meanwhile, median prices for existing and new homes are also on the increase.