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Thursday, May 20, 2010 07:08 pm

CAUTIOUS COMEBACK

One measure of the local economy is monthly building permits, based on the theory that building shows confidence in the economy, which in turn spurs more growth. If the latest numbers from the City of Springfield are any indication, we may just be on the path to recovery.

From January to April of this year, the city issued 48 permits for new single-family residences, valued collectively at $12.9 million. That’s compared with only 21 permits for the same period in 2009, and those projects were valued at only $5.2 million. New commercial building permits fell slightly, from six to five for the same period, but their value rose dramatically, from only $2 million in 2009 to $22.1 million this year.

Remodeling and addition permits have fallen sharply so far this year, but again the value of those projects has increased. The 815 remodeling and addition permits issued from January to April of this year are valued at $28.8 million, compared with the 948 permits issued in the same period last year, valued at $24.4 million.

It may not be “a chicken in every pot and a car in every garage,” but it’s a start.
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