Construction activity up 37.5 percent in Aspen
The Aspen Times
Construction activity in Aspen showed a 37.4 percent increase from 2012 to 2013 in terms of total permit valuation.
The numbers, provided by the Aspen Community Development Department, represent permitting from Jan. 1 through Dec. 16 for each year.
In 2012, Aspen had a total residential- and commercial-permit valuation of $148.1 million, while 2013 shows a total valuation of $203.5 million. Department manager Johannah C. Richards said she expects to see about $6 million more in total valuation over the last two weeks of 2013.
“Right now, what it’s showing for us is that investment is up in the community,” Richards said.
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She added that commercial-permit activity is outpacing residential, which she said is evident by all of the commercial development in the downtown core. Large commercial projects include the $18.1 million Benton Building redevelopment and the $14.5 million Aspen Art Museum development.
From month to month, the median permit valuation was between $6,000 and $20,000, with two major residential projects in March and May, both valued at $10.3 million. Median valuation peaked in March at $17,000, while July showed the lowest median valuation, $6,000. For master permitting, 35 percent of projects this year have been commercial, while 65 percent have been residential. Those percentages do not include sub-permitting, which is not broken down by construction category.
Richards said the report, which will be finalized at the end of 2013, shows a steady increase in construction activity since 2010. Numbers for 2011 show a total valuation of $147.2 million, though the Aspen Valley Hospital expansion accounted for $52.2 million of that amount. Taking the hospital out of the equation, 2011 is more in line with post-recession years 2009 and 2010. Total valuations for those two years were recorded at $79 million and $76.2 million, respectively, while 2012 and 2013 were recorded at $148.1 million and $203.5 million, respectively.
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