Fiscal year-end figures from Commerce’s Department of Building Inspection confirm the obvious. Construction is down — way down.
In fact, according to figures released at the July 11 city council meeting, the value of new construction for which the city issued permits in the just-completed 2010-11 fiscal year was down almost 84 percent over the previous year.
The city issued permits for construction valued at $461,238 for the 12-month fiscal year ending June 30. That compares to $2.87 million in construction permitted in the 12 months from July 1, 2009, to June 30, 2010 – which was hardly a robust year. The city issued permits for $5.7 million in the 2008-09 fiscal year.
For the last month of the last fiscal year — June — the city issued permits for work valued at $62,700 — for one mobile home valued at $6,000 and for additions to five dwellings valued at a total of $56,700.
The housing market is completely stalled. During the past fiscal year, Commerce issued just one permit for the construction of a stick-built house, and it was to Habitat for Humanity.
the city wants to stop the growth in Commerce.