Rapid City breaks city’s monthly building permit valuation record, set to break annual record in November
RAPID CITY, S.D. — Rapid City has shattered it’s monthly building permit record with this past October.
Based on permit data that goes back decades, this is the 14th time that the $40 million threshold has been crossed.
15 of the permits from October are valued at over a million dollars.
With the record number of permits from the previous month, the city is on track to set another record: annual permit valuation.
“This year, with the numbers that we’ve had this month, puts us at 327 million in valuation for the year. Right on the cusp. Just a few million more and we will have achieved our highest valuation in the city’s history,” Rapid City Communications Coordinator Darrell Shoemaker explained. “We know that’s going to happen this month. We know that each month is a snapshot in time, and it can change from month-to-month. But we’ve strung together quite a few months now of strong building growth in the community.”
The permits are for a wide variety of areas, such as retail, construction, and plumbing. The 15 $1 million and up permits are for various organizations, such as Monument Health and Black Hills Federal Credit Union.
Of those 15, eight are going to be for different types of apartment complexes, promising to bring more housing to the area, which the city has been trying to keep up with.
“What we’re really pleased about is out of those $15 million valued permits, eight of them were for apartment complexes of one size or another, so it shows that continued commitment by the city, by our developers, our contractors,” Shoemaker said. “Really pushing the rock up the hill when it comes to meeting that demand for housing in our community.”
Annual permit pricing has exceeded $300 million almost every year since 2016. As of now, the city is nearing $328 million. Shoemaker is confident in crossing the $330 million mark and breaking the record.