If the growth rate of Spokanes residential construction market can be likened to the pace of a runner, the market might not move ahead at the blistering speed of a sprinter this year, but still will run like a top marathoner.
Joel White, executive officer of the Spokane Home Builders Association, says hes optimistic about the residential market in 2007.
White says that stellar job growth here, in addition to a stream of inbound migration, will help fuel growth in home-building activity, although he cautions that rising housing inventory could force builders to ramp up their marketing efforts or lower their prices.
Condo projects, which are becoming increasingly popular here, will dot the landscape in 2007.
Plenty of single-family home developments, particularly those that include high-end homes, and multifamily housing also will contribute to residential construction activity.
The Journal of Business takes a close look at residential construction activity in a story in its Building the Inland Northwest magazine, included in this issue.
Heres a sampling of some of the projects mentioned in that article that either are under way already or planned to begin this year:
In Spokane Valley, ElkRidge Development Group, of Spokane, has begun work on the first phase of a 230-lot upscale subdivision called ElkRidge Heights.
Construction of homes in a roughly 180-lot subdivision north of Spokane called Windsor Estates is expected to start soon.
In northwest Spokane, Plese/Graham LLC is developing a 122-lot subdivision called Park Place.
A 30-lot luxury housing development called Casa Bella is being developed on the South Hill.
On the West Plains, construction is expected to start this spring on the first phase of the 206-lot Blue Grouse Estates single-family home development.
Also on the West Plains, Kims Court LLC, of Spokane, is developing a 224-unit apartment complex called Kims Court Apartments.
In downtown Spokane, Prium Companies LLC, of Tacoma, plans to build a 15-story, 126-unit condo tower at a cost of roughly $30 million. Construction is expected to start this month.
East of downtown, Spokane-based Summa Investments LLC is converting the former Sunrise Wood Products Inc. building, located along the Spokane River just north of Trent Avenue and west of the Iron Bridge Corporate Campus, to 12 condo units.
Contact Emily Brandler at (509) 344-1265 or via e-mail at firstname.lastname@example.org.
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