Myrtle Beach sees increase in construction spending despite pandemic

Myrtle Beach sees increase in construction spending despite pandemic

MYRTLE BEACH, SC (WMBF) - The City of Myrtle Beach gave the green light for nearly 7,000 new construction projects at more than $355 million in the fiscal year that ended on June 30th.

The majority of those projects were residential, which has been the trend over the past few years.

The coronavirus pandemic began in the last third of this fiscal year, and we really started to see shut things down in March.

According to the fiscal year-end report, it didn’t have much of an impact, if any, on construction in the city.

In fact, 673 projects were permitted in March alone, which was the second-highest total in any month for the whole year.

That’s why the city doesn’t expect to see any significant decrease in projects or construction spending this coming fiscal year.

That being said, city spokesperson Mark Kruea admitted they probably won’t be breaking any records.

The city already has 1,300 apartment units in the permit process.

Kruea said the real estate market has been doing well recently despite the pandemic, which should continue to drive the demand for these residential projects.

“If you talk to a real estate agent, they will tell you, I think, that the residential real estate market has been very strong during the last few months, that they’re up 6-7% over the last year,” said Kruea. “I’m not sure why that trend is, but it is. People are selling their homes or buying new homes here in the Grand Strand.”

Although the city doesn’t have any hotel construction underway right now, which are generally the biggest projects, officials are excited about a project to open up some opportunities in downtown.

”We are beginning to see some activity on some construction on the Arts and Innovation District right downtown,” said Kruea. “Some of that work is underway now, so hopefully by the first of the year, we’ll have new tenants, some new group for example, some residential spaces, right here in downtown Myrtle Beach.”

Kruea said Market Commons and the Grand Dunes areas continue to see the most growth in the city year after year, and this year’s report was no different in that regard.

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