Investments and increasing building permit approval lead to residential boom

Investments and increasing building permit approval lead to residential boom

MYRTLE BEACH, SC (WMBF) - The City of Myrtle Beach has granted over 10,000 building permits in the last three years, and is looking to cash in on those looking to invest. In 2016, nearly 6,000 building permits were issued.  Those were valued at almost $268 million.

From 2015 to 2016, the city experienced an increase of about $20 million in construction from both commercial and residential building permits.  Residential permits brought in the most at $134,346,526.  Commercial permits issued came in at a close second with $133,564,566 in value.  Myrtle Beach spokesman Mark Kruea said residential permits have lead the way the last few years, and he sees that trend continuing for 2017.

"Since the great recession we've seen a gradual build back.  Certainly the residential construction has led the way, but we're beginning to see a lot more commercial construction, too. 2014 it was about $202 million, 2015 it was about $240 something we are up over the last couple of years," Kruea said.

For the fiscal year ending in June 2016, the city issued over 5,800 building permits.  The construction value totaled at about $249 million.  Well over half of that was spent on residential permits.  Kruea said most of the building included single family homes and apartments, and that's still true today.  He said you can see where a lot of that residential money went in the Market Common and Grand Dunes areas

Kruea explained many people from the northeast continue to move to Myrtle Beach, and locals are investing more in homes.  Commercially, much of the money from 2016 can be seen on N. Ocean Boulevard, where a Buchanan Hotel is going up.  Three other oceanfront hotels were approved for construction last year, as well as renovations and additions at Broadway at the Beach.

"Looking at 2017, I think we would expect more residential construction this year.  There are 1,500 new home sites already approved within the next five years in the city of Myrtle Beach...and then commercial construction again...there are three more oceanfront hotels that're on the drawing board right now," Kruea said.

On Tuesday alone, the Community Appearance Board was looking at building permits for a new scooter rental store, beach apparel store, Tidelands Medical Office Building and a 10,000 square foot residential home.  Other permit requests for warehouses and small store renovations were also on the docket.

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