Construction investments rise in Jackson; new home starts drop sharply

Construction values in Jackson were up by about $5 million in 2017, thanks to several multi-million dollar commercial projects, according to a Jan. 6 memo from Jackson building superintendent Janet Sanders.

In 2017, total construction values were $30.5 million, up from nearly $25 million in 2016.

The information comes from 2017 building permits issued in Jackson, according to the memo, and values were calculated using a standard formula for square footage, rather than the contractor's estimate.

The new Jackson R-2 high school addition at 315 S. Missouri St. accounts for $8.2 million, as the highest-value construction permit issued for 2017, according to the memo.

The next-highest value project, the Jackson Middle School addition at 1651 W. Independence, came in at $4.2 million.

Construction equipment sits at the future Alliance Bank location at 2320 East Jackson Boulevard on Wednesday, Feb. 7, 2018, in Jackson.BEN MATTHEWS ~ bmatthews@semissourian.com

Two bank projects, the new Alliance Bank building at 2320 E. Jackson Blvd. and the Montgomery Bank training center at 526 W. Main St., were valued at just over $2 million and $1.4 million, respectively.

A new office building at 147 N. Lacey St. at just over $1 million rounded out the list.

New single-family home starts were down to 44 in 2017, versus 80 in 2016.

Bobby Gray, a real estate broker with Realty One Associates in Jackson, said from what he has seen in the real estate market in 2017, "it just so happened more of the new construction was taking place outside the city limits, and therefore is not reflected in those numbers."

Total value for single family homes in 2017 was nearly $7.3 million, a little less than half of 2016's $14.8 million total.

The average new home construction value is $165,662, according to the memo. That's a drop of about $20,000 from 2016's $186,000, which building superintendent Sanders said in 2017 was a number that reflected a trend toward more higher-end homes, in the $300,000-and-up range.

Residential remodeling in 2017 stayed fairly level with 2016's numbers, according to the memo. In 2017, 47 projects at $1.03 million as opposed to 2016's 41 projects at $1.05 million.

mniederkorn@semissourian.com

(573) 388-3630