Loading
Commercial construction in Lee County can only be described using this cliche: Full stop.
For the second month in a row, Lee County issued no permits in February for construction of new commercial buildings.
At the peak, Lee County issued record permits for the construction of commercial buildings worth $318.6 million in June 2007 as developers rushed to beat the county commission's tripling of taxes on new construction that month. (Those high taxes remain in place despite the recession.)
This situation has never happened since county employees started keeping track in the 1980s. The lack of financing combined with high vacancy rates in existing buildings, onerous government regulations and high taxes mean new construction is likely to be on hold for months to come.
Technically, the county issued two permits for commercial construction in February, but one permit was for a shed and another was for a cell-phone tower platform that together were worth less than $10,000.
Because they're not occupied, the county doesn't count them as commercial buildings.
What's left are crumbs. Lee County issued 35 permits worth $3.7 million for remodeling commercial buildings in February.
Still, if there's any good news it's that vacancies aren't likely to rise much higher because no new buildings will be built. It's time to fill existing ones with jobs.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
