Commercial Construction Work in The Greater New Orleans Area Rose 40%
Commercial construction work in the Greater New Orleans area rose 40% compared to previous months in March, 2015, and it also increased 39% year-over-year from March, 2014. Construction contracts awarded in New Orleans totaled to $152.5 million in March. Office, retail, hotel and other projects accounted for most of the commercial construction projects, and they increased sharply by 66% to $101.7 million in contracts.
In conjunction with the slow and steady growth of residential real estate both nationally and in the Greater New Orleans area, single-family home contracts and multi-family contracts increased by 6% in the same time period to
$50.8 million. Across the Mississippi River from New Orleans West Bank cities such as Marrero, Harvey, Gretna, Terrytown, Algiers, Westwego, Arabi, and Belle Chasse have started to see more of the slow steady growth that has been experienced and then accelerated in New Orleans, Jefferson Parish, and St. Tammany Parish. St. Tammany Parish has seemed to lead the charge in new home and existing home sales behind New Orleans, but the West Bank has been slower to recover.
One new home subdivision, located on the West Bank next to Jefferson Parish is the Parks of Plaquemines. This new home community features traditional and garden home lots and during the first 4 months of 2015 sold 4 lots and two new homes to buyers from other towns on the West Bank such as Marrero, Harvey and Gretna. Sales at the Parks of Plaquemines have been slower because there are many lots for sale, and builders are building new CUSTOM homes so they are more tailored to “building on my lot homes” vs. “spec homes,” which would be new homes available and ready to sell.
If you are interested in residential real estate in the Greater New Orleans area and would like to build a new home for you or your family approximately 10 miles from New Orleans, visit the Parks of Plaquemines in Belle Chasse, Louisiana next to Jefferson Parish. For More Information Call 504-364-2350 or E-mail [email protected].