ST. LOUIS — Home and apartment construction is on the rise in St. Louis
The value of permits issued in the metropolitan area for residential and multifamily construction in January totaled $181 million, a 13% increase from the same time a year ago, according to new research from Dodge Data & Analytics.
Meanwhile, building permits for commercial projects such as office buildings, hotels and other buildings totaled just $91.8 million, a decline of 41% from a year ago.
The data indicate a continuation of the region-wide boost in homebuilding over the past year.
St. Louis County last year issued permits for 803 new single-family homes, up from 754 in 2019, according to data from the Homebuilders Association of St. Louis. St. Charles County issued 1,789, up from 1,710 a year earlier, and Jefferson County issued 828, up from 725.
That growth follows a near insatiable demand for new homes and apartments across the region that's led to rising home prices and rental rates.
The median sales price for a home in the St. Louis region grew 10.6% last year to $230,000, according to data from St. Louis Realtors, the industry trade group. Meanwhile, the typical monthly rental rate in St. Louis grew 3.8% to $1,093, according to data from Zillow.
Click here for the full story.