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Residential Building Sees Big Bump

October 17, 2012, 6:15 PM by Kelly Bartnick

Residential Building Sees Big Bump

We are seeing more signs the economy is improving and the number of new building permits in Sioux Falls continues to climb.

The city issued more than $340 million in permits through September, with about half of that went to residential construction and remodeling.

The Home Builder's Association of the Sioux Empire says this year's numbers point to an increase of nearly 80 percent in new housing starts. It's a sign that the market is picking up, but it's also a sign that you might have to wait longer if you're planning to build.

“It's looking really good. Your twin home market, town home market has even gone up 35 percent, so the whole industry in general in Sioux Falls and the surrounding areas are up a lot,” Sioux Empire Homebuilders Association President Chuck Wiseman said.

Wiseman says the city has issued 465 permits so far in 2012. It signals some of the strongest gains since an all-time high six years ago. And he believes with strong growth, the numbers could potentially climb again to those high levels within a year or so.

“Now's the time to build,” Wiseman said. “The interest rates are low, the economy is coming good. There's not inflation here. The price of materials is still reasonable to buy.”

But as activity continues, if you are looking to build be prepared to wait. Contractors remain ready and willing, but Wiseman says because activity is increasing the process from start to finish may be slower than it has the past few years.

“It's tough to find good people out there to get the work done. We are going to have a shortage of help,” Wiseman said.

But not yet, which is why they say if you want a speedy build, the odds and the interest rates are still in your favor.

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