The Park Record reported in the July 18th edition that building permits in incorporated Park City for June of this year dropped dramatically to $7.3MM from $25mm in May and $14.5MM in June of 2014. My take is this drop is completely a function of the inventory of developable land in the City limits – it’s almost all gone as evidenced by the tear downs now occurring in the Park Meadows neighborhood. Here’s what the Park Record went on to say: “The construction industry is continuing a strong rebound from the depths of the recession. The Building Department this year has issued permits for large developments, including for work at Stein Eriksen Residences in Deer Valley and the Park City Medical Center, as well as numerous permits for significant additions or remodels. The Building Department has credited a strong economy and Park City’s desirability for the construction comeback.”
What are your thoughts?