Building permit reports are used by economists, marketing professionals, real estate specialists and practically every business in the construction industry. Organizations analyze building permit reports to make informed decisions.
You hear a lot about “informed decisions” these days. The phrase is a logical result of our unlimited search for information. Even gamblers don’t make decisions without analyzing data.
You may feel like the construction industry is gambling with its life right now, but you can make business plans and “informed decisions” using building permit reports.
Breaking Down Building Permit Reports
Economists and investors use building permit reports to evaluate financial stability. These reports are financing, employment, and economic indicators. They can be geographic-specific and because it’s a small world, building permit reports can reflect our global economy. Here’s how:
Types of Building Permits
There are 2 types of building permits: commercial and residential.
Projects that need commercial building permits can include:
1. Commercial new-site construction – Excavation/demolition, reinforcement, and new building construction.
2. Change of use – Permit required to convert a building for another purpose. Requires:
- 2 sets of floor plans
- Notice of Commencement
- Owner affidavit
- Site plans
3. Interior remodel – Remodeling permit is required plus:
- 2 sets of building plans
- Owner affidavit
- Notice of Commencement
4. Roof covering – Re-roofing, repair, recovering an existing roof. Installation of a new roof requires:
- 2 sets of site/building plans
- Application for permit
- Notice of Commencement
- Owner’s affidavit
- Product approval
Residential building permits are needed for most remodeling and/or construction projects.
What Building Permits ‘Tell’ Us
An increase in commercial building permit applications indicates a need for more commercial properties or housing subdivisions. A rise in residential building permits can indicate an older neighborhood is about to renovate/transition into a hot real estate market for investors and young professionals.
If you’re in a holding pattern, you’re not taking advantage of this unique time in our history. Start laying the groundwork for your company comeback in 2020. Construction Monitor is the U.S. building permits generation source. Ask us about ways to develop 3Q2020 marketing projects using comprehensive, up-to-date information customized for your industry.