MINOT, N.D. (AP) — The value of building permits saw a significant drop last year in Minot, where more attention was paid to remodeling than to new construction.
The city’s building permit report shows that Minot issued almost $44 million in permits in 2017, down from $71.5 million in 2016.
Pat Bailey, manager at Muus Lumber, told the Minot Daily News that he expects more of the same in 2018.
“I foresee more of a remodeling market this coming year than new construction,” Bailey said. He added that the trend may change if the oil economy picks up as some projections say.
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Brenda Berntson, assistant manager at Minot Lumber & Hardware, said remodeling will be the focus this year. Berntson expects housing construction to occur at a modest pace.
“There’s a lot of product sitting out there yet. We don’t have the builders who are building specs,” Berntson said.
Proposed construction on a new medical complex could generate more commercial and residential activity in southwest Minot.
Minot’s new commercial activity totaled about $15 million last year, compared to $12 million in 2016. The majority of last year’s construction involved $12.5 million in industrial and manufacturing facility permits. A chemical warehouse in the northeast part of the city accounted for a large portion of the amount.
Last year, the city issued 101 commercial remodel and addition permits to builders, compared to 107 in 2016.
Information from: Minot Daily News, http://www.minotdailynews.com