The improvement of the economy has benefited the construction industry, especially in Lexington, Ky. An article in The Lane Report states that commercial and residential projects in the second-largest city in the state are on the rise, giving way to more jobs.
Following are eight reasons why Lexington construction projects are increasing.
- Decreasing unemployment rate. According to the US Bureau of Labor Statistics, the unemployment rate fell from 9.3 in 2009 to 4.5 in 2016.
- The completion of the downtown CentrePoint project.
- Overall economic rebound.
- Population growth. According to the United States Census Bureau, Lexington’s population grew approximately 18,000.
- Enrollment at the University of Kentucky has gone up significantly. According to the University of Kentucky, enrollment has increased from 29,000 in 2013 to more than 30,131 in 2015.
- Completion of the Summit at Fritz Farm, the largest mixed-used development in city’s history.
- Increase in number of permits issued for single-family homes. According to the U.S. Department of Housing and Urban Development, 687 single-family home permits were issued in 2014, up from 513 in 2011.
- Growth in apartment buildings due to higher lot prices. According to the U.S. Department of Housing and Urban Development, permits for multifamily homes with five or more units increased from 187 in 2013 to 506 in 2014.
Celblox has created four projects in Kentucky using insulated concrete forms (ICFs). For more information regarding commercial and residential development in Kentucky as they relate to ICFs, please contact Craig Hutchison at CHutchison@cellox.com.