Last week, April 16th to the 22nd, San Francisco received 798 applications for a building permit for a total of $139,691,040. This is a drop of about 4.5% in new permits issued and 23% drop in the total cost of construction, as detailed in last weeks post.
Comparing this same week to last year, there were 721 applications last year for a total of $43,501,386, so another jump in both number of applications and total cost relative to last year.
Year over year - it is an increase of 11% in permits issued/filed (835 vs 750 permits) and a whopping 373% increase in cost of construction. 2017 had a relatively quiet week at $38,442,514 last year. At this point last year, year to date, San Francisco had issued 52,869 for $4,905,502,128, so while this was a big week relative to last year, we’re still sharply down from 2017.
For the year, that brings us to 12,496 permit applications for a total of $ 1,099,378,379, which is still significantly lower than this time last year. At this point in 2017, SF had received 53,676 applications for more than $5BN to do some sort of construction in San Francisco.
The Heavy Hitters
Every week there are a few big permits that steal the show. They account for a disproportionate amount of the total cost of construction. Last week is no different.
691 China Basin
Number of Permits: 1
Description: Build a 7 story structure with 152 units
Analysis: 691 China Basin is the biggest application this week, proposing a brand new apartment building in the China Basin section of San Francisco. This permit alone is responsible for almost 65% of last weeks estimated construction cost.
1100 Van Ness
Number of Permits: 3
Description: These looks like filings for construction on the 4th, 5th, and 6th floors
Analysis: 1100 Van Ness is listed as an office space but it will be home to Sutter Bay Hospitals, which is the owner of this building
These two buildings accounted for $106MM of the $139MM in new construction activity. Remove these permits and its right in line with 2017’s weekly total. This does seem to be a consistent trend within SF city limits - that construction activity is starting to dry up relative to years past.
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Data, as always, courtesy of Local Insights