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Kingsport blows out new construction totals for fiscal year 2007
KINGSPORT, TN -- New investment set a sizzling pace for fiscal year 2007 in
Single family housing posted an increase for the fifth straight year, with 132 new homes constructed at a total value of $20.9 million.
The average cost of a newly constructed home was $157,774. At least 32 new homes were constructed at a value of $200,000 to $499,000.
Seventy-nine new condominiums and patio homes valued at $64 million were also constructed at
In addition to new residential construction, another $22.14 million in building permits were issued for commercial and residential alterations.
On the new commercial construction side of the ledger, 56 new permits were issued for $66.15 million, an increase of $35.85 million over the previous year. Commercial permits cover retail and office construction.
Also, the leading edge of the $1.3 billion Project Reinvest at Eastman Chemical began late in the fiscal year, with two permits issued for $4.59 million for construction of a new laboratory and other items.
“Discounting the beginning of Project Reinvest,
Campbell also noted that the results for 2007 do not entirely capture the results of ongoing work at the new Kingsport Pavilion, new Lowe’s, and other commercial development on North Eastman Road, nor do they realize expected growth that will be fostered by strategic city investments, such as the new Higher Education Center and Allied Health building.