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Saturday, November 1, 2014
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Growth evident with more construction

     
 
Wilmington is growing again. In May 2013, “Business Insider” selected Wilmington as having one of the top 14 housing markets in the country over the next five years, with an expected growth of 7.1% per year.

The city had small increases in the number of residential and commercial projects getting underway in fiscal year 2012-13 compared to 2011-12, but significant increases in what the projects were worth because larger projects were being built. Wilmington’s growth reflects a similar trend for the entire county, according to an analysis done by the city.
 
Residential construction
In June 2013, the city saw a 443% increase in construction dollars spent and a 413% increase in permits issued for single family homes compared to the same time last year. There were as many permits issued in Wilmington alone last month as were issued in all of New Hanover County in June 2012. 
 
Total construction
Thanks to a few large projects such as Lighthouse apartments ($15.5 million) and another phase of the Mayfaire project ($2.4 million) which were permitted in June 2013, total dollars spent on all construction projects within Wilmington (single family, multi family, commercial and industrial) increased by 945% as compared to the same time last year. Of all the money spent on construction in New Hanover County last month, 78% came from projects located within the Wilmington city limits.

Overall, even though about the same number of permits were issued this past fiscal year as the previous year, the total dollar amount of projects increased by almost 40%.



 


Related: Housing, County
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