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Commercial permit values down across Upstate in Q1

Real Estate - Commercial
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The value of commercial building permits issued in the Upstate during the first quarter has fallen off by 9% year-over-year.

According to a recent report from The Market Edge, a Tennessee-based research company, only Greenwood and Spartanburg counties saw an increase in the values attached to commercial building permits in the first quarter.

Overall, the value of commercial building permits was $368.1 million in Q1 2017 compared to $404.3 million in the same quarter a year ago. The value in 2017 is still higher than the $358.6 million permit value in 2015.

One reason for the declining value is a drop in overall permits issued in Upstate counties during the quarter. According to the report, there were 887 permits issued in Q1 2017 compared to 997 issued in Q1 2016.

Spartanburg County had the biggest jump in commercial permit value year-over-year with a value of $165.1 million in the first quarter of 2017. In the same quarter a year ago, the value attached to commercial building permits in the county was $105.7 million, or a 56% increase year-over-year. The number of permits issued in Spartanburg County went from 360 in the first quarter of 2016 to 387 in Q1 2017.

In Greenwood County, the Q1 2017 value of commercial building permits was $18.5 million compared to $11.9 million in the same quarter a year ago, an increase of 55%. There were 38 commercial building permits issued in the country in Q1 2017 compared to just 21 in the first quarter of 2016.

The biggest drop in commercial building permit value in the first quarter of 2017 was in Pickens County where the decline was 87%. In Q1 2017, the value of commercial building permits in the county was $11.7 million, compared to $89.9 million in the same quarter a year ago. There were 43 permits issued in Pickens County during the first quarter of 2017, compared to 50 in Q1 2016.

Greenville County experienced just a 1% decline in permit value during the quarter with the value at $146.6 million compared to $148.1 million in the first quarter of 2016. There were 100 fewer commercial building permits issued in the county during the first quarter of 2017 compared to the previous year’s quarter.

The number of residential building permits continued its upward trend across the Upstate in the first quarter with 2,200 permits issued during the quarter.

Greenwood, Anderson and Pickens counties all experienced over 100% growth year-over-year in the first quarter of 2017.

In Greenwood County, there were 43 residential building permits issued during the first quarter of 2017, compared to just 19 in the same quarter a year ago, for a 126% jump. Pickens County had a 116% increase in the number of permits issued year-over-year as 179 residential building permits were issued in Q1 2017 compared to 83 in Q1 2016.

Anderson County issued 474 residential permits in Q1 2017, a 109% increase over the 227 issued in the same quarter a year ago. Of those permits issued in the first quarter of 2017, 54 of them were for units over 4,000 square feet or with value over $400,000, or “high end” according to the report.

The most residential permits issued in the quarter was in Greenville County which issued 734 residential building permits, an increase of 14% year-over-year. The county had 164 of those permits issued in the first quarter of 2017 were considered high end in either square footage or value.

Spartanburg County had 558 residential building permits issued in the first quarter of 2017, a 42% jump from the 393 issued in the first quarter of 2016. Fifty-two of those issued in 2017 were considered high end.

In Laurens County, there were 34 residential building permits issued in Q1 2017, compared to 24 in the same quarter a year ago, a 42% increase. Two of those permits were for high end building, according to the report.

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