New report confirms major WPB building boom

A new report just released by the City of West Palm Beach shows building permit revenues are on pace to eclipse budget projections for 2016.

In fact, with only two thirds of the fiscal year in the books, the city has already collected 103% of projected amounts for the entire year.

At the start of the fiscal year (October 2015), the city budgeted for $6.3 million dollars in permit revenues for the entire year. But with four months left in the fiscal year, the city has already collected $6.5 million in revenues.

That's also $2.5 million dollars more than the same time last year.

Other measures are also outpacing projections. Planning revenues and business tax collections are both ahead of schedule. In fact, the city has already collected 98% of the business taxes it budgeted for the entire year.

But the building boom won't translate into more money for other city services. The law restricts how the money can be used.

The law requires that construction-related revenues only be used to pay for construction-related services.

But the new numbers provide specifics to what many already believe is a return to pre-recession growth rates in West Palm Beach.