Medford Construction Up 31%
Construction investment in Medford is up 31 percent over the last fiscal year. According to figures released by the Medford Building Department the value of all construction projects this fiscal year is $395 million, compared to $302 million last year.
This fiscal year has seen 246 housing permits issued in Medford compared to 209 last year. Even though the number of permits has increased, the size of the homes has decreased with the typical new residence running around 2,000 square feet.
The number of commercial projects dipped from 668 to 583, but the value of those projects increased 73 percent.
Building activity has not returned to pre-recession levels yet. In 2006-07 fiscal year 383 residential permits were issued along with 503 commercial permits.