From city Communications Director Av Harris:
Mayor Joe Ganim today is reporting that during the month of July, the city brought in $1,168,054 in revenue earned from issuing just under 300 building permits in the city, nearly triple the same revenue figure from July 2015 which was $388,945. This sharp increase in building permit revenue comes as major economic and real estate development projects get underway in downtown Bridgeport and other areas of the city, with even more building activity expected over the next 12 months. These projects include developments such as phase two of the Crescent Crossing housing development on the East Side of Bridgeport, major infrastructure improvements to Bridgeport Hospital, and the Polka Dot Theater renovation and conversion into apartments downtown.
“There are many economic indicators, but a significant increase in the revenue generated by building permits is a good sign that things are really moving in Bridgeport!” said Mayor Ganim. “These are major development projects that will create state of the art new housing and improve health care at one of the region’s most important trauma centers. Not only are these projects helping to bring in important revenues to our city, but they will also make Bridgeport a more attractive place to live and create many jobs here as the building stages move forward. There are many more development projects already in the pipeline and my administration is committed to working with investors and builders as partners to insure that their positive vision for the future of Bridgeport becomes a reality. It is a very exciting time to be in Bridgeport and help unleash all the potential our city has to offer.”
In a typical month, the Bridgeport building department issues $400,000 in building permits to contractors. The July 2016 building permit revenue picture represents a 292% spike in revenue over what is normally received by the city. Other future building projects that will likely seek permits include the construction of the new Barnum train station, more apartment conversion renovations in ‘Downtown North’ Bridgeport, and the beginning of construction of a new natural gas power plant by PSEG to replace the coal-fired plant in the city’s South End.