Rochester’s New Construction Exceeds $400 Million
Rochester, MN (KROC AM News) - The construction sector of Rochester’s economy is enjoying its best year in a decade.
The City Building Safety Department issued 225 building permits worth over $62 million dollars last month, which pushed the valuation of the new construction approved in Rochester this year to over $445 million dollars. With two months left in the year, that is already the highest valuation total since 2005.
For the month of October, the city issued 49 permits for new single-family homes. That total is the second highest monthly total of the year and is the highest tally for October since 2006.
About 70-percent of the overall valuation total for October came from permits issued for new multifamily housing projects. The Building Safety Department approved permits for six projects involving over 363 units worth almost $44.5 million dollars. The Eastwood Ridge development near the Eastwood Golf Course accounted for about $25 million of the valuation total, while a permit for the project to convert the Rochester School District’s Gage East building into housing for homeless families and young people was valued at $6.2 million.
Since the beginning of the year, the city has approved permits for 32 multifamily housing projects containing over 1,100 units and valued at over $142 million dollars.