Putnam’s new home construction booming

By Michelle Price
UCBJ Managing Editor

COOKEVILLE – Construction is once again nearing record levels in Putnam County with construction of new homes booming. September’s total of 49 permits fell just short of the record set in March 2021 of 52 permits, with construction estimates coming in at $8.2 million.

Construction of new homes in the county has skyrocketed, with almost half (24) of the 49 permits being for new single-family homes. This is double the number permitted in August (12) and a huge jump from the nine permitted in July. 

The average cost of the new single-family homes has increased since that peak in March with the average home permitted rising from $245,897 to $285,875, an increase of 16%.

“With lumber prices coming back down, new home construction appears to be on the rise again,” said Putnam County Mayor Randy Porter. “If September is any preview, we may be headed back to the record setting levels we saw before the lumber shortage hit.”

Porter shared that there are also several new subdivisions being developed that will offer hundreds of building lots into the supply chain.

The September 2021 numbers are a huge increase over the September 2020 construction numbers that only totaled $3.1 million. The 49 permits issued in September 2021 was a 63% increase over the 30 construction permits issued a year ago. The average new single-family home permitted jumped from $210,192 to $285,875, a 36% increase.

So far, a quarter of the way through fiscal year 2022, there have been 101 permits issued for $15.6 million, with 45 being new homes. These numbers represent construction only in the county and do not include any construction within the four cities of Algood, Baxter, Cookeville and Monterey.  

Michelle Price is the managing editor of the Upper Cumberland Business Journal and can be reached via email. Send an email.

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