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40.1 Value of New Commercial Building Permits

This indicator tracks the value of new commercial building construction in the City of Albuquerque.

This indicator is part of Vital, sustainable economy.

Indicator description:

This indicator tracks the value of new commercial building construction in the City of Albuquerque. Building permits are required for most construction within the City. State and Federal Government projects and road construction projects are excluded. The commercial building construction values indicate how much new commercial construction is occurring. Since the indicator does not take into account buildings that are vacated or demolished, some of this construction could be replacement rather than growth. The numbers are shown in total dollars (nominal) and in dollars adjusted by the consumer price index for all urban consumers (CPI-U) to offset the effects of inflation/deflation over time.

 

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Why is this indicator relevant?

New commercial construction indicates that infrastructure and facilities are being built for business, supporting business growth and expansion of the economy. It also provides an indirect measure of job creation since construction activity creates jobs. It does not take into account vacancy rates or the movement from an older building into a newer building which creates unused capacity in the economy.


Data Source:
City of Albuquerque Planning Department

What can we tell from the data?

  • The overall value of new commercial construction has decreased significantly since 2008. Peaks in construction in 1995 and 2000 reflect boom periods.

 

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