The city of Bonney Lake in February received more revenue from building permits than in any month since July 2008, a sign that the economy is perhaps beginning to turn around.
According to a report produced by the Community Development Department, the city in February received building permits with a total estimated value of slightly more than $4 million and collected $72,220 in permit revenue, well above any single month in all of 2009 and most of 2008.
“One month doesn’t make a trend, but it’s our best month since 2008,” Community Development Director John Vodopich said.
Like most cities, Bonney Lake experienced a drop in building in late 2008 and through 2009, due to the national recession. For example, the city in 2008 collected $624,427 in permit fees, approximately half of what was collected in 2007. In 2009, the trend continued with Boney Lake collecting $393,168 in permit fees, or 54 percent of what was budgeted.
Due to the drop-off in revenue, the city has budgeted to collect $311,155 in fees in 2010. Because of the high number of permits received in February, the department is already well on its way to meeting its goal.
“Second month and we’re already at 32 percent of budgeted revenue,” Vodopich said.
The majority of the new permits issued by the city are for single-family residential homes being built in the Woodbriar Village subdivision on Angeline Road.
Mayor Neil Johnson called the increase in permits a “positive sign” and said he hopes it continues.
“I think we’re on the right track,” he said.
Johnson believes Bonney Lake is starting to see a recovery because of all the city has to offer, including open space and views of Mount Rainier as well as the city’s “location, location, location.”
“In Bonney Lake, you can get a lot of those things,” Johnson said.