Town sees unprecedented rise in home construction
PROSPER (June 1, 2012) A healthy rebound in the single-family construction market has become highly evident in Prosper, as the Town is on a pace to break its yearly single-family residential permit record, according to Chris Copple, Director of Planning.
“Last year’s watermark for single-family residential permits hit 373 which easily overtook the 2006 record of 322. That 2006 figure was the highest on record, and was the peak for the entire five-year period between 2006 and 2010 during which the national and local economies were stagnant,” he said.
Prosper’s pace in 2012, however, is unprecedented, as first quarter numbers far surpass single-family permits for any other first quarter since records have been kept.
Over 90 permits were issued during the first quarter, and about 100 were issued in April and May alone, bringing the 2012 year to date permit sales to an impressive 190. By comparison, last year’s record-setting total at the end of May was 146. The May 2012 total of 59 permits is the highest month on record and compares with 38 permits last May.
“If we maintain our pace, and there is no reason to think we won’t, we might be looking at well over 400 for the year. That would be unheard of for us, but it’s indicative of the number of homes being built in Town,” said Copple. Several developers are already planning additional phases for their subdivisions.
Other reasons certainly play into the elevated numbers, of course, such as a stronger economy, stabilized unemployment rates and a general recovery of the national economy, says Town Manager Mike Land.
“But, when we look at the surrounding area, the uptick is not as pronounced as it is here in Prosper. We like to think that our customer care initiative, our family-oriented atmosphere, our award-winning school district, the plentiful choice of land, our high quality of life, the emerging parks system, the high level of community input into our Comprehensive Plan and the fact that our Council is very careful about preserving all of these things makes us a very attractive place to live and raise a family,” said Land.
Should the upward trend continue, the Town will likely emerge as both a center for residential choice and a focus for commercial expansion as Preston Road, the Town’s main north-south artery, is undergoing a major transformation from a two-lane blacktop into a concrete, six-lane, divided thoroughfare which promises to permanently alter the economic landscape of the Town.