Nearly $42 million in construction permits were recorded in Kingsport for the month of October, with the city set to nearly double the 2006 pace for new construction and investment.
On a yearly basis through October, Kingsport has logged $140.6 million in new construction across residential, commercial and industrial sectors compared to a total of $88.5 million for all of 2006.
According to city building officials, October registered a single-month record of $37.6 million in new commercial/retail development in Kingsport. Construction of Holston Medical Group’s new Stone Drive facility accounted for $31.8 million worth of work in October.
Another $5.83 million in commercial permits covered everything from Six Sheridan Square in the MeadowView district to a new TVA Credit Union building, two restaurants, a dental arts building, spa and continued build-out of the Kingsport Pavilion on East Stone Drive.
Meanwhile, residential development continued at steady pace, with $1.88 million recorded for single family and condominium development.
In all, there have been 109 single family housing starts through 10 months of 2007 with an average value of $156,533. For all of 2006, there were 135 new single family homes constructed.
“We are realizing strong economic expansion in Kingsport, but the success we are seeing today would not be happening without the support of a slew of community partners,” Assistant City Manager Jeff Fleming said. “While we can’t predict future outcomes, there are positive signs of continued expansion and economic growth in Kingsport.”
In part, optimism is to be found in the fact that only four industrial construction permits valued at $7 million have been issued so far in 2007, the leading edge of Eastman Chemical’s five year $1.3 billion Project Reinvest.
At the same time, Fleming said the full impact of city investments in the downtown Higher Education Center and Wellmont Holston Valley Medical Center’s $110 million Project Platinum have yet to be realized.
However, Kingsport’s strong construction results are clearly showing up in regional economic data.