By Chase Kamp | Southeast Valley Ledger
Officials say the housing market in San Tan Valley is seeing a bump from the fading recession and the success of nearby Queen Creek, though stagnant commercial activity and lower valuations means the recovery will be slower than expected.
According to the U.S. census, Pinal only saw a 0.6 percent growth in single family housing permits in 2011, but that ratio climbed slightly in 2012.
In terms of commercial development, the county’s push is still slow-going. Only six new commercial permits have been issued thus far, with a Big O Tires location as the only new business slated for San Tan Valley.
Reports by the county depart of building safety show 677 residential one- or two-family building permits were issued thus far this fiscal year. The total real estate valuation created in FY 2012-13 is above $104 million.
County economic development director Tim Kanavel said San Tan Valley is getting a boost from its neighbor. “The County as a whole isn’t growing in leaps and bounds, but that particular part is rebounding because of Queen Creek,” he said. “If they do well, the northeast part of our county is going to do well too.”
Things were not always so rosy for the region. In Apr. 2011, Queen Creek was staring down a $4.2 million budget gap.
