Sioux Falls building permits on pace to value $1.5 billion in 2022
SIOUX FALLS, S.D. (Dakota News Now) - The City of Sioux Falls continues to grow. In fact, the value of permits granted by the city is shattering records this year.
In 2021, the city’s building permit value topped a billion dollars for the first time. That trend seems to have carried over.
Since the start of the year, the City of Sioux Falls has issued more than 2,000 building permits, totaling a value of more than $540 million.
Butch Warrington, the Chief Building Official for the city of Sioux Falls, says ten years ago, that would have been a record number for the entire year.
“We’re increasing a lot, that’s what it is. We’ve had a lot of steady growth for a long time now, and in the last ten years it seems like we only missed a record one year,” Warrington said.
If the current rate stays on pace the city would surpass $1.5 billion by year-end.
“It’s a fun time right now, to get everything issued, reviewed, and get it going,” Warrington said.
About 68% of the value is found in new commercial buildings, which include apartments.
This is no surprise to Jake Quasney, the Chief Operating Officer for Lloyd Companies.
“We’re growing, as it compares to other cities throughout the Midwest, and that housing growth is going to continue to be a demand,” Quasney said.
Lloyd Companies has their name on several of these projects. Their largest, the Sioux Steel District, will eventually be a multi-use property.
After some delays because of the pandemic, the project is now on schedule.
“There are plenty of challenges that came through, COVID, supply chain, all that sort of stuff, but the team has done a really good job of tackling those things, and right now we’re on track to deliver it next year,” Quasney said.
He’s referring to phase one, which is the office space and parking ramp. The accompanying apartment complex and hotel will be completed in 2024.
Quasney says major construction projects, like the Steel District, will continue as Sioux Falls booms.
“Sioux Falls is a great place to do business,” Quasney said. “It’s got real growth, none of this is really fabricated, there are jobs, there are people, and people want to be here.”
The commercial apartment permits given out this year by the city will account for 1,100 apartment units. That’s over 300 more than all of last year.
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