The 2023 building permit report for Rapid City reveals a historic high in total permit valuations, surpassing $400 million.
The building services division issued over 2,000 permits, with five of the top 12 valued permits allocated for apartment buildings.
Luke Jessen, VP of Development at Lloyd Companies, attributes the surge to addressing the city’s housing shortage.
Vicki Fisher, Community Development Director, notes a decline in single-family and townhome permits, speculating that families are opting to rent due to interest rates.
Additionally, the community development department plans to explore repurposing empty parking spaces in 2024.