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Norristown, PA (June 15, 2017) – The number of housing units built in Montgomery County in 2016 reached its highest amount in 10 years while new nonresidential (commercial, office, and institutional) construction nearly doubled since 2015, according to two new reports issued by the Montgomery County Planning Commission and shared at today’s Board of Commissioners Meeting.
“These substantial increases indicate a strong housing market and growing economy in Montgomery County,” said Dr. Val Arkoosh, Chair of the Montgomery County Board of Commissioners. “Businesses want to invest and grow here and with the booming apartment market millennials are moving here.”
According to the 2016 Housing Units Built report:
2,219 housing units were constructed in 2016—an increase of 16 percent when compared to 2011.
The estimated taxable property value of these new units is approximately $294 million.
About half of the new housing units (1,129 units) are apartments, which is a 49 percent increase from 2015 and a 65 percent increase from 2011.
In recent years, multifamily has been the fastest growing housing type within the county – demonstrating a hot apartment market. Montgomery County has a number of sites within its transit-oriented town centers that provide opportunities for this type of infill development.
Conshohocken (12.1 percent), New Hanover (17 percent), Salford (25.5 percent), Upper Hanover (16 percent) and Upper Providence (11.1 percent) saw the greatest percentage increase in housing units built between 2011 and 2016.
According to the 2016 Nonresidential Construction report:
In 2016, 2,335,884 million square feet of nonresidential development was built in the county. This represents an increase of more than 1.1 million square feet from 2015 and represents the highest amount in six years.
Commercial development, which includes retail, consumer services, and hotels, accounted for the highest square footage at 1,136,469 square feet and regained its position as the majority of nonresidential development built in the county.
The next highest category was Industrial at just over 600,000 square feet.
More than 98 percent of nonresidential square footage and 95 percent of housing units were constructed within already developed or developable land as recommended in Montgomery County’s comprehensive plan, Montco 2040: A Shared Vision.
“The planning commission is pleased to see that much of the new construction is located in places where infrastructure—water, sewer, roadways, and transit—already exists, which is consistent with our comprehensive plan,” said Jody Holton, Executive Director of the Montgomery County Planning Commission.
The housing report provides information on municipal totals for each housing type and details on
age-restricted units. The nonresidential report provides municipal square footage totals by land use.
The reports are available at www.montcopa.org/PlanningPublications.
For more information, contact Scott France at 610-278-3747 or via email at email@example.com.