MEMPHIS, Tenn. — There’s more than $1.3 billion in new construction in the Memphis region, which is a major increase from the year before.
FOX13 obtained new data from the Memphis and Shelby County Division of Planning and Development.
The data shows 1,363 commercial building permits were pulled for construction in 2018 with the total valuation of more than $1.3 billion.
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Planning officials said it’s a combination of new apartments, office space, hotels, and mixed used developments across the city and county.
But compared to Nashville, Memphis is still behind.
According the Nashville Crane Watch, there are about 18 projects under construction right now that are worth $100 million or more. Two of these projects are worth a billion dollars each.
Cushman and Wakefield, a commercial firm which tracks new developments, reports there are 145 project proposals in the Memphis region worth an estimated $8 billion.
Cox Media Group