Tri-Cities 2015 commercial building permits up 10.3%; lead E. Tenn. in y-y change


new commercialNew commercial construction permits in the Tri-Cities last year were up 10.3% compared to 2014.  The Tri-Cities also led the other two East Tennessee regions in year-to-year gains.

New permits in Knoxville were 3.6% better than 2014 while the Chattanooga region declined by 11.6%.

Sullivan County and Washington County TN dominated the region in the total number of new permits. Both counties also saw their best year for permit pulls since 2010.

All but two of the other five counties included in The MarketEdge’s Q4 and annual report show gains from 2014, but last year was not the standout year it was in the region’s two largest counties.

Carter County saw the largest year-to-year gain (59.1%), but some of that can be attributed to permit pulls returning to a normal annual level after a big decline in 2014. At the same time, Carter County saw double-digit gains in existing home sales and the average sales price. New residential permits fell one show of the 2014 total despite a furious Q4.

Regional commercialScott County VA and Greene County saw the number of new permits decline in 2015. Scott County was down 13.3% while Greene County had a 25% decline.

Greene County’s decline resulted in a strong gain in 2014 then a return to the six-year normal level last year.

For a region perspective 2015 was a modest recovery from a 2014 slowdown. Since 2010 new permits have slowly improved. Last year’s total is up 25% from 2010.

The MarketEdge defines the Tri-Cities as Carter, Greene, Hawkins, Sullivan and Washington counties in NE Tennessee plus Scott and Washington counties in SW Virginia.

 

 

 

 

 

 

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