- Real Estate
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Nov. 2, 2020
The housing market continues to drive construction activity in Sioux Falls, though the overall value of building projects in the city is down 18 percent year-over-year.
Permits totaled $573.2 million through October, down from $696.3 million for the same time last year.
New residential activity is the only sector ahead of last year at $211.8 million, compared with $192.4 million, representing 635 new single-family homes, or 73 more than last year.
Multifamily construction has more than doubled in value at $118.7 million versus $53.6 million, for 1,052 units compared with 873 units for the same time last year.
That’s not enough to help overall commercial construction, though. New commercial building is at $204.7 million, compared with $308.1 million last year.
There have been big drops in the office, institutional and educational sectors, totaling $44 million, compared with $128.7 million, and in the category that includes construction of strip malls, hotels and restaurants, which is at $30.4 million, compared with $117.9 million.
The largest projects that received permits in October were The Row at 57th, a new apartment complex from Lloyd Cos. at 57th Street and Bahnson Avenue at $14.4 million, a fourth building at the University Hills Village apartment complex near Marion Road and Highway 38 at $14.2 million and the addition of two floors to the Van Demark Building on the Sanford USD Medical Center campus at $11.5 million.
The start of Willows Edge, a major development from Signature Cos. along Arrowhead Parkway, is kicking off with $7.7 million in multifamily housing.
The housing market continues to drive building activity in Sioux Falls, though the overall value of building projects in the city is down 18 percent year-over-year.