Rapid City’s building industry kicked off 2024 with a bang, boasting the highest January valuation for building permits since 2018. The City’s Building Services Division issued 161 permits in January, totaling over $35.3 million, exceeding the $30.6 million recorded in January 2023.
“The year is off to a solid start,” said Community Development Director Vicki Fisher. “While it’s too early to predict the entire year, these early indicators point to continued growth for Rapid City.”
The report highlights several key trends:
- Large-scale projects: Eight permits exceeded $1 million each, including seven for 24-unit apartment complexes (168 total units) on Fox Road, valued at $2.86 million each and issued to 35Point Capital LLC with Paradigm Construction LLC as a contractor.
- Recovery and expansion: The highest-valued permit went to Butler Machinery Company for rebuilding their fire-damaged facility at 3601 Deadwood Avenue North.
- Positive outlook: Community Development Director Vicki Fisher expressed optimism, stating, “The year is off to a solid start… early indicators show that this is going to be a solid year of growth for Rapid City.”
This follows a record-breaking 2023, where the City issued 2,815 permits with a combined valuation exceeding $463.5 million. Over the past three years, nearly 10,000 permits have been issued, totaling $1.22 billion in valuation.
Key takeaways:
- The construction industry in Rapid City remains robust, with strong indications of continued growth in 2024.
- Large-scale multi-unit residential projects are driving permit activity.
- The city is experiencing post-disaster recovery and expansion across various sectors.
