(BEDFORD) – The 19-month recession that hit the United States in December of 2007 lasted about 19 months and slowed growth throughout the United States.
However, looking at records from the Bedford Planning and Zoning Department, commercial and residential construction has seen steady growth.
Commercial construction over the last six years shows that the year 2015 was the best year. In 2015, General Motors invested about $35 million dollars in investment in the manufacturing plant.
Residential construction has continued to thrive over the last six years with the construction of new and remodeling of older homes. In 2019, there was more than $7,431,800 in residential construction. The largest construction was a $650,000 condo project on the city’s eastside.
“In 2007, the banks were not lending commercial or residential loans with the economy and recession. For that period of time, there was not much going on. But, now we have seen a boom in construction, new businesses and homes are now being built in our city,” said Dan Kirk, Plan Director of the City of Bedford.
Commercial and residential construction for the City of Bedford. (Note the information below includes both new building construction and remodeling of commercial and residential properties.)
- 2014 Commercial Construction – $7,351,305
- 2014 Residential Construction – $ 3,042,008
- 2015 Commercial Construction – $41,141,676
- 2015 Residential Construction – $2,523,005
- 2016 Commercial Construction – $7,008,187
- 2016 Residential Construction – $4,378,431
- 2017 Commercial Construction – $12,891,303
- 2017 Residential Construction – $4,714,209
- 2018 Commercial Construction – $6,487,430
- 2018 Residential Construction – $4,891,986
- 2019 Commercial Construction – $5,144,789
- 2019 Residential Construction – $7,431,800