Tallahassee’s Economy is Growing Strong
Upward Movement in Commercial and Residential Developments
April 27, 2018
With signs of progress that can be seen all over the city, the greater Tallahassee area has the fastest growing economy per capita in Florida and is experiencing a rate of growth twice that of the state and nearly three times that of the country. Further, data from the City of Tallahassee's Growth Management department shows an upward movement in Tallahassee's economy, specifically in regards to commercial and residential developments.
"We monitor development trends very closely as they indicate the strength of our overall economy," Reese Goad, Interim City Manager, said. "What we're seeing is that Tallahassee's development industry is growing; and, it's projected that this momentum will continue as new developments are constructed and existing developments expand."
Statistics show a steady increase in commercial development activity within the city. In the first two quarters of Fiscal Year 2018 (FY18), 2,467,127 square feet of commercial development was permitted, which surpassed the 2,311,339 square feet permitted in all of FY17 by 7 percent. Additionally, commercial development activity has increased by about 50 percent when comparing the first two quarters of FY18 to FY17.
Residential activity, including multi-family and single-family developments, has also seen an increase. The increase in multi-family developments within Tallahassee is significantly higher than that of the nation, state and other peer cities. Permitting for multi-family developments has increased by 91 percent from FY16 to FY17. Activity in the first two quarters of FY18 compared to the same time period of FY17 shows a 164 percent increase in units permitted. Additionally, in FY17, the number of permits issued for new one- and two-family units increased by 23 percent over FY16.
"These numbers tell a very positive story about the state of the construction industry in the city and the positive impact it has had on economic development throughout our community," Karen Jumonville, the City's Growth Management Director, said. "We continue to receive a high volume of requests for preliminary meetings, which suggests that there are many more projects in the pipeline and that these positive trends will continue into the foreseeable future."
To keep up with the growing needs of the community, the City continues to focus on efficiency and customer service. The review time for new building permit applications and resubmittals averages between four and five days, well below the required seven days under the City's Residential Money Back Guarantee Program.
For more information about the Growth Management department, please visit Talgov.com or call 891-7030.
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