Construction Permit Values Set New 10-Year Quarterly Records

Residential construction permit value for the third quarter of 2017 set a new 10-year quarterly high of $125 million, $40
million greater than the previous 10-year high of $85 million set in the second quarter of 2016. This residential construction
value reflects the issuance of permits for 321 single-family dwellings and 594 multifamily units. The 10-year quarterly
low for residential construction ($18 million) occurred in the first quarter of 2009.
Permit value for nonresidential construction totaled $98 million. The 10-year high of $119 million occurred in the 2nd quarter
of 2017. The $98 million value reflects $36 million for new construction of 255,000 square feet and $62 million for the
redevelopment of 790,000 square feet of existing structures. The 10-year quarterly low for nonresidential construction ($21
million) occurred in the 3rd quarter of 2009. Combined permit values for both sectors in this quarter set a new 10-year
combined high of $223 million, besting the previous quarterly high (in the second quarter of 2016) by $50 million.

New Multifamily, Hotel Lead Downtown Development

Development in Downtown Winston-Salem is booming with the construction of new multifamily units, a hotel redevelopment, and office renovations totaling $75 million this quarter.
These projects include:
1. The Link at Innovation Quarter ($51.7 million construction value) which
includes multifamily units, retail space, and an accompanying parking deck.
The project will occupy the full block bounded by Patterson
Avenue, Fifth Street, Chestnut Street, and Sixth Street.
2. Renovation of the Pepper Building located at 104 W. Fourth Street for
a boutique hotel (Hotel Indigo) with a permit value of $7.1 million.
3. Renovations at the Bailey Power Plant in Innovation Quarter with a
permit value of $6.5 million.
These three developments accounted for 87% of the total investment in Downtown this quarter.

Downtown Multifamily Developments Lead Top 10 Highest Value Developments

The top 10 highest value developments permitted in the third quarter of 2017 are listed in the table below along with the
developmentā€™s numbered location on the map, development type, jurisdiction, and land use. The top two developments
account for $77 million (61%) of the record total $125 million in residential development this quarter, while the remaining
eight developments account for $63 million (64%) of the $98 million in nonresidential development this quarter. Five of
the top 10 developments are located in or near Downtown Winston-Salem.

Development Dashboard November 2017 – 3rd Quarter