Rapid City, S.D. (KELO) — October was a record-breaking month in Rapid City when it came to building permits.
The permits had a combined value of more than $80 million.
In the month of October, 269 building permits were issued by Rapid City’s Building Services Division.
“It’s been a very good year, it’s been a robust year as far as development and we’re seeing that reflected in the evaluation numbers. And again if we can see some impacts here on the interest rates, on supply issues, we expect that trend to continue,” City Communications Coordinator Darrell Shoemaker said.
“As the community continues to grow year over year, it is a huge need for the community to provide additional housing opportunities within the Rapid City area,” the city’s Tax Increment Finance Planner Mike Dugan said.
This past summer, Camden Heights was approved to provide 252 new apartments. Recently a new affordable housing area was also approved.
“A tax increment district that was approved that’s going to bring another 156 single-family homes to the community,” Dugan said. “These will be priced at or below the first-time home buyers purchased price, which currently for 2024 is $385,000.”
The housing development growth inside of Rapid City is also preparing for Ellsworth Air Force Base’s upcoming population boom.
“All the trends show that the building activity will continue especially with the B-21 arrival on the sunrise here,” Shoemaker said. “So we expect that to continue and just with the inquiries we’re receiving we expect solid activity moving forward.”
The city is expecting the year to finish off strong, making it the third-highest total yearly valuation on record.
