Record-Breaking Growth in Savannah Construction and EV Production

News Summary

Savannah is experiencing a remarkable economic upturn in 2024, with construction permit values reaching $930 million—a significant rise of 5.6% from 2023. This includes a record $250 million in residential construction permits, reflecting the city’s expanding housing and electric vehicle sectors. Hyundai’s nearby $7.6 billion Metaplant is set to create around 8,500 jobs, highlighting the area’s rapid development. With state investments also boosting public safety and infrastructure, Savannah is solidifying its position as a vibrant hub for growth.

Record-Breaking Growth in Savannah: Construction and Electric Vehicle Production on the Rise!

In the picturesque city of Savannah, an exciting wave of development is sweeping through, marking a milestone in its construction landscape. The year 2024 has seen a whopping total value of building construction permits reaching $930 million, which is a charming leap of 5.6% from 2023. This remarkable achievement has officially shattered the previous record of $909 million, set just two years prior in 2022. It’s safe to say that Savannah is buzzing with activity!

Residential Construction Hits New Heights

One of the star players in this growth story is new residential construction, which has hit an awe-inspiring total of $250 million with a record-breaking 1,054 permits issued in 2024. This massive number surpasses the last record for new residential projects of $164 million set in 2023. For context, between 2012 and 2023, the average annual new residential construction permit valuation came in at around $84 million. Quite the upgrade, wouldn’t you say?

What’s Being Built?

So, what exactly are all these new permits for? The new residential construction permits breakdown reveals a vibrant community coming together:

817 single-family homes (detached)
582 multifamily/apartment units
169 single-family homes (attached/townhomes)
20 two-family homes (duplexes)
43 accessory dwelling units
5 master home plans, mobile units, and modular units

This growing diversity in housing options undoubtedly reflects the city’s aspirations and the needs of its residents.

Commercial Construction and Investment in Public Safety

In addition to residential growth, commercial permit valuations hovered around $371 million in 2024, a decrease from the previous $470 million in 2023. Despite the dip in commercial activity, the city manager has confirmed that Savannah is thriving, especially when it comes to new residential construction, which is the lifeblood of any booming city.

Savannah’s growth comes hand-in-hand with vital investments from the state. The recent State of the State address revealed a multibillion-dollar budget surplus for Georgia, with significant funding set aside for communities, Savannah included. The proposed fiscal year 2025 budget allocates $501 million for surface water infrastructure to support Savannah’s ongoing expansion. There are also plans to bolster public safety by extending resources to units focused on human trafficking and gang prosecution.

The Electric Vehicle Revolution

fall 2024, the production facility will have a staggering output capacity of 300,000 vehicles annually! That’s a whole lot of electric cars!

This sprawling 16 million square foot facility is gearing up to manufacture Hyundai, Kia, and Genesis models, with plans to unveil 17 new electric vehicle models by 2030. The crucial assembly line is designed to adapt easily to produce multiple models simultaneously, showing how agile and future-ready this operation is.

Job Opportunities and Economic Impact

But wait, there’s more! The Metaplant is projected to create approximately 8,500 jobs, and over 80% of the initial hires will be locals living within 60 miles of the site, which currently boasts 850 employees. And there are plans in the works to develop a battery manufacturing plant and a worker training center, both of which are scheduled to open in 2025.

As if that weren’t enough, Hyundai’s suppliers, totaling 17 firms, are also set to create an additional 7,000 jobs and inject $2.7 billion worth of investment into the region.

A Bright Future Ahead for Savannah

The excitement doesn’t stop there. Once fully operational, Georgia-made electric vehicles will qualify for federal purchase rebates, giving consumers another reason to go green. With Savannah on the fast track to becoming a hub of residential development and electric vehicle production, it’s safe to say that the future is looking bright for this charming city!

As Savannah continues to grow and evolve, residents can expect to see some impressive changes on the horizon. So buckle up, Savannah! The ride is just getting started!