Apr

9

Land & New Construction - Kootenai County Commercial Real Estate (3 of 5)

Filed Under Kootenai County, Local Market 

Review

New construction in the area has slowed alongside the national housing market. Lots platted in Kootenai County decreased from 2,462 in 2006 to 1,362 in 2007. The largest decreases were seen in Rathdrum and unincorporated areas throughout Kootenai County. While the number of lots platted decreased, major developers positioned for future growth. A number of significant land acquisitions were made along the Highway 41 Corridor, North Hayden area, and Cabela’s development area.

Over the past decade, single-family home construction throughout the region has been stimulated by population influx to Kootenai County from neighboring states. One of the best indicators for tracking buyer relocation trends is the origin of surrendered driver’s licenses. The Idaho Transportation Department has tracked the origin of surrendered licenses since 1997. The number of surrendered licenses from California ballooned from 834 in 2001 to 1,383 in 2006. The top two sources of immigration for Kootenai County are California and Washington respectively. This data shows an increased attraction to Idaho from across the Western region.

Forecast

Census Bureau statistics project that by 2030, Idaho population will increase to over 2 million residents. This reflects a 52% increase over 2000 population, and a 45% faster growth rate than the national average. Idaho is predicted to need an additional 390,000 new housing units to absorb the population influx. An increase in housing units goes in step with an increase in jobs, retail stores and office space. Unquestionably, Kootenai County is a highly desirable destination that will continue to be viewed as a market with great investment opportunities.

Lots Platted
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2007 Building Permit Summary
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