The value of planned commercial and other nonresidential construction in the Baltimore area more than doubled in October, as compared to a year ago, according to building permit figures compiled by the Baltimore Metropolitan Council.
But October's $14.8 million worth of activity -- a 144.5 percent increase -- belies year-to-date results, which fell 45.3 percent to $162.9 million through the first 10 months of 1994 over the same period last year.
The figures indicate that while the local commercial real estate market has been improving, the rebound has yet to result in significant new construction.
The value of new residential construction in October was $82.8 million, an 8.3 percent drop from the comparable period last year. Year-to-date activity increased a modest 4.4 percent to $903.7 million.
The activity is expected to result in 1,067 new housing units in the region, a slight decrease from the number of units sought in October 1993. Through Oct. 31, requests for 11,033 new units were filed, a 2.3 percent increase from 1993 levels. The majority of permits involve new single-family housing.
The decrease in both the number and value of October residential permits indicates that the recent boosts in interest rates have begun to curtail residential construction, according to Construction Market Data, a Greenbelt firm that tabulates construction activity.
With the exception of slight increases in Harford and Howard counties, the value of new residential construction dropped in each of the five counties in the region.
Anne Arundel County led the region in nonresidential activity, with permits worth $7.5 million, largely on the strength of a request by Goldwell Cosmetics (USA) Inc. The hair care manufacturer plans to develop a new North American headquarters near the Baltimore-Washington International Airport by June
1995. The 200,000-square-foot facility is projected to cost $25 million.
But most of the commercial permit activity centered on additions and alterations to existing structures. In October, 334 permits for $37.7 million worth of additions and alterations were filed in the metropolitan area, a 25.6 percent increase from a year ago.
For the first 10 months of the year, the value of nonresidential additions and alterations totaled $398.5 million, a nearly 7 percent gain from 1993.
Like new residential construction, October also proved to be a poor month for permits for home renovations, with the value of planned additions and repairs falling 19.4 percent and 27.3 percent, respectively.