City of St. Louis sees $1 billion construction boom - KMOV.com

City of St. Louis sees $1 billion construction boom

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Credit: KMOV Credit: KMOV

ST. LOUIS, Mo. (KMOV.com) – Construction is booming in the City of St. Louis.

More than $1 billion was spent on permits- building, mechanical, electrical, and plumbing – in the 2016 fiscal year.

“It’s a very healthy economic report for the City of St. Louis and for our future,” said Frank Oswald, Building Commissioner.

City officials said the Building Division issued nearly 5,000 building permits along with more than 15,000 trade permits for residential and commercial construction. The biggest contributor was the Cortex District which accounted for a large portion of the $301 million invested in the 17th Ward.

But officials say it is not just commercial construction that is boosting St. Louis’ economy. More homes are being redeveloped, specifically in the Gravois Park and Benton Park neighborhoods.

“The permit values in those areas have more than doubled in a lot of cases,” Oswald said. “That’s a good sign for us that some of our neighborhoods are certainly rebounding and people are investing in our neighborhoods.”

Dale Ruthsatz of the St. Louis Development Corporation added, “We have so many developers coming in and all they’re doing is rehabbing maybe two or three houses a year or two or three multifamily buildings a year. But it all adds up.”

There are several projects in the works for the future. A second phase of Ballpark Village is expected along with some sort of development along the North Riverfront. Even though many of the projects will never come to fruition, there is still a belief that St. Louis could top the $1 billion mark again sometime in the next four to five years.
 

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