NEW PORT RICHEY – If the number of construction permits are any indication, Pasco County’s economy appears to be on solid ground for at least the next year.
That is according to County Administrator Dan Biles who gave the most recent numbers to county commissioners at their Jan. 7 meeting.
“Single-family home permitting was up 21 percent,” Biles said. “There is typically a two-year lag between when something gets a permit and when it hits the tax rolls. But, this gives us an idea the builder community thinks the economy is still headed the right way.”
Biles also noted in 2019, the average permit value for those single-family residences exceeded $300,000 per permit for the first time in recorded history.
“Not only are we building more, we are building higher value,” Biles said. “The builders are thinking the economy is still going to be strong through the next 12 to 18 months, otherwise, they would have started pulling back.”
Biles also reported there were 498 new commercial permits last year, up 34 from 2018.
The total number of permits issued for Pasco County in 2019 was 51,902.
“The total permit value of new construction exceeded $1.6 billion,” Biles said. “From a budgeting perspective, that doesn’t really impact us until the 2022 budget.”
The county’s budget for the 2022 fiscal year will go into effect Oct. 1, 2021.
Biles added, “This represents tremendous growth and confidence in the economy, not just from the builders, but also the people doing renovations, repairs and remodels in their own homes and commercial buildings.”
Pasco officials have said that as of last year the total value of property in the county had finally returned to the level it was at before the 2007-2008 financial collapse and the resulting wave of mortgage foreclosures in Pasco.