Another slow week. $89M YTD, 793 permits, 1000 would be typical of the last few years by now. There's 286 applied for this year, but not issued for $175M. There's many not issued yet from last year of course including the $400M Glennon hospital.
The Steinberg rink helped. Building permits issued $155M YTD. Applications still very slow, 320 YTD totaling $133M. It seems like the pipeline is drying up. Recession? Weather?
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^ I think a combo of interest rates plus caution about a recession are primary reasons as well as having had a several year multi-fam building boom that has pumped supply.
Oops, the number of application s YTD was 895. 320 is applied for, but not issued yet.
NextSTL - Jan-Mar building permit applications down
https://nextstl.com/2025/03/jan-mar-bui ... ions-down/
https://nextstl.com/2025/03/jan-mar-bui ... ions-down/
Nothing notable in new building permit applications this week.
Finally over $200M
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This can’t be. I was promised an economic
miracle by the red hat losers
miracle by the red hat losers
It is interests rates and the general cost of capital. However, total permit value this year could be salvaged because of the Children's Hospital.
It's likely a combination of everything. Interest rates, cost to build, tariff uncertainty, worries of an imminent economic downturn. All these factors create a nightmare scenario for people who want to see new growth and investment.
https://www.bizjournals.com/stlouis/new ... louis.html
City wants to shift building permits online as opposed to in-person.
City wants to shift building permits online as opposed to in-person.
https://www.bizjournals.com/stlouis/new ... jects.html
I think I reject the framing that fewer overall building permits inherently means bad, like the BJ is attempting to do here.
First, I think value matters more than sheer number. My parents had work done on their house in 2012 and 2021, both of which had permits, but obviously some work on the house is not the same as a new high rise.
When including inflation, comparing 2005 to 2025, 2025 is only trailing 2025 in value by about $100 million even though there's over 2.5k fewer overall permits. The 2005 value/permit was ~$199,000 while this year's is nearly $683,000.
Looking more at value and inflation, 2006 had a value of $852.7 million, a number the city wouldn't eclipse until 2018's $1.21 billion. Since 2018, St. Louis had had 5/8 years eclipsing $1 billion, including this year. So throughout the 2010s, we had a stable increase in total permits from 4.4k in 2010 to 5.4k in 2019, but value wise a significant decline, with only 2018 being an outlier.
Adjusted for inflation (2025 dollars):
2000: $1.22 billion
2001: $1.23 billion
2002: $814.7 million
2003: $1.01 billion
2004: $1.13 billion
2005: $1.27 billion
2006: $1.37 billion
2007: $929.6 million
2008: $925.5 million
2009: $550.4 million
2010: $1.06 billion
2011: $461.8 million
2012: $698.2 million
2013: $561.2 million
2014: $994.6 million
2015: $937.1 million
2016: $753.8 million
2017: $938.4 million
2018: $1.56 billion
2019: $778.7 million
2020: $1.3 billion
2021: $1.52 billion
2022: $1.54 billion
2023: $754.9 million
2024: $742.7 million
2025: $1.17 billion
We certainly should be looking to streamline the permit process and make it as easy and efficient as possible, and I support efforts to do that, but it's disingenuous to act like the raw number of permits is the end all be all.
I think I reject the framing that fewer overall building permits inherently means bad, like the BJ is attempting to do here.
First, I think value matters more than sheer number. My parents had work done on their house in 2012 and 2021, both of which had permits, but obviously some work on the house is not the same as a new high rise.
When including inflation, comparing 2005 to 2025, 2025 is only trailing 2025 in value by about $100 million even though there's over 2.5k fewer overall permits. The 2005 value/permit was ~$199,000 while this year's is nearly $683,000.
Looking more at value and inflation, 2006 had a value of $852.7 million, a number the city wouldn't eclipse until 2018's $1.21 billion. Since 2018, St. Louis had had 5/8 years eclipsing $1 billion, including this year. So throughout the 2010s, we had a stable increase in total permits from 4.4k in 2010 to 5.4k in 2019, but value wise a significant decline, with only 2018 being an outlier.
Adjusted for inflation (2025 dollars):
2000: $1.22 billion
2001: $1.23 billion
2002: $814.7 million
2003: $1.01 billion
2004: $1.13 billion
2005: $1.27 billion
2006: $1.37 billion
2007: $929.6 million
2008: $925.5 million
2009: $550.4 million
2010: $1.06 billion
2011: $461.8 million
2012: $698.2 million
2013: $561.2 million
2014: $994.6 million
2015: $937.1 million
2016: $753.8 million
2017: $938.4 million
2018: $1.56 billion
2019: $778.7 million
2020: $1.3 billion
2021: $1.52 billion
2022: $1.54 billion
2023: $754.9 million
2024: $742.7 million
2025: $1.17 billion
We certainly should be looking to streamline the permit process and make it as easy and efficient as possible, and I support efforts to do that, but it's disingenuous to act like the raw number of permits is the end all be all.
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Overall pretty poor development year. The permit number is very inflated due to the SLU hospital and tornado recovery.
^ You can also argue more inflation driving number up as well.
But I also think you have to put the permit in context with city population, or lack of growth. A + billion year right now will require that big project or two, such as Hospital and Kingshighway & lindell tower breaking ground IMO. A bigger picture is how to find a way to reverse and add population. From there the need to build a much greater number of smaller and mid sized permitted projects start to happen throughout the city.
But I also think you have to put the permit in context with city population, or lack of growth. A + billion year right now will require that big project or two, such as Hospital and Kingshighway & lindell tower breaking ground IMO. A bigger picture is how to find a way to reverse and add population. From there the need to build a much greater number of smaller and mid sized permitted projects start to happen throughout the city.
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Our new apartment construction basically came to a screeching hault the past couple years. We have the ultra luxury Lindell and Kingshighway tower plus a couple of downtown renovations.
There was always a ton in the pipeline but we seem to have a problem getting them to the finish line.
There was always a ton in the pipeline but we seem to have a problem getting them to the finish line.
A lot of false starts for low-rise and mid-rise construction. 3901 Forest Park, Iris Apartments in Cortex (and all the once-planned residential low-rises), downtown west infill, jefferson connector projects, 1801 washington ave., boy scouts proposal, engineer's club, flyover fund's project at Jefferson and Lynch, mike shannon's, 41 Lindell across Schnucks, 12-story student-oriented midrise on laclede...
Recent completions I can think of are the Edwin, 1014 Spruce, The Rail, and Local on Delmar (under construction).
There's a senior housing project @ Arsenal and Jefferson Ave. that is supposed to break ground in the Spring, which was originally floated in 2017. Ten years for 49 units. (Maybe more considering the pre-design phase).
Recent completions I can think of are the Edwin, 1014 Spruce, The Rail, and Local on Delmar (under construction).
There's a senior housing project @ Arsenal and Jefferson Ave. that is supposed to break ground in the Spring, which was originally floated in 2017. Ten years for 49 units. (Maybe more considering the pre-design phase).
The battery plan in north city is dead and both universities are pulling back capital improvements. STL is going to need private sector commercial and housing to pickup soon.
Pretty much describes the country as whole between the recent ENR articles have read.GoHarvOrGoHome wrote: ↑3:43 PM - Jan 02Our new apartment construction basically came to a screeching hault the past couple years. We have the ultra luxury Lindell and Kingshighway tower plus a couple of downtown renovations.
There was always a ton in the pipeline but we seem to have a problem getting them to the finish line.
The bright spots or exceptions for a very few cities seeing growth & specific big ticket projects such as resumption of building LNG export terminals on the gulf coast, mega data centers and a few Northeast infrastructure projects (Amtrak Northeast Corridor related - think Hudson and Baltimore tunnels),
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There is a state bill that will be introduced soon that would keep a lot of the states income tax locally and in downtown. The city would need to meet certain things to access it like quicker building permit review, more predictable incentives for downtown projects
Would it be a similar function to what they proposed for the Chiefs? Essentially any value gained is reinvested?dbInSouthCity wrote: ↑5:58 PM - Jan 02There is a state bill that will be introduced soon that would keep a lot of the states income tax locally and in downtown. The city would need to meet certain things to access it like quicker building permit review, more predictable incentives for downtown projects
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More like, move your company to downtown and keep state income tax (based on how many employees) for X amount of years and use it for certain things like build out, infrastructure etc.addxb2 wrote: ↑6:14 PM - Jan 03Would it be a similar function to what they proposed for the Chiefs? Essentially any value gained is reinvested?dbInSouthCity wrote: ↑5:58 PM - Jan 02There is a state bill that will be introduced soon that would keep a lot of the states income tax locally and in downtown. The city would need to meet certain things to access it like quicker building permit review, more predictable incentives for downtown projects