Updated on February 8, 2009
Those plunging building permit numbers, in brief
Today’s news that city revenues have sprung a possible $12 million leak in dropping development permit revenue — enough to drive a two percent additional tax increase — was foreshadowed in the December building permit summary released Thursday, January 29.
In December 2007, the city issued 395 permits, in 2008 only 293. The number of units approved in 2007 was 426, this year only 126. The total value of the permits was $315.9 million in December 2007, only $55 million in December last year. Total value of building permits dropped from $2.6 billion in 2007 to $1.6 billion last year.
Council voted unanimously today to seek additional savings on an urgent basis to reduce the budget impact.