DEPARTMENT OF COMMUNITY/ECONOMIC DEVELOPMENTJanuary 2008BUSINESS NEWS 2007 A YEAR IN REVIEW The Department of Community/Economic Development welcomes you to our monthly update on economic activity in the Town of Stratford. · Commercial, industrial, retail and office building permits for the month of December totaled $1,863,153. The total for 2007 reached a high of $23,696,046. The total was surpassed only in 2001, with the addition of Shaws, Home Depot, Wal*Mart, Staybridge Suites and Atria. 2007 more than doubled the total permits of 2006, which was $9,928,449. · Leasing activity continued to flourish in 2007 with over 530,000 square feet of leases being signed with the following breakdown of activity: * o Office 32,544 o Retail 278,500 o Industrial 185,940 o Commercial 35,254 · Property transfers for the first nine (9) months of the year totaled $42,395,729 compared to $26,888,000 in all of 2006. The sales accounted for the transfer of 360,421 square feet as compared to 296,044 square feet in 2006.
· Major companies that have joined our business community during the past year include: BJ’s Wholesale Club which will have a soft opening January 5, Big Y which anticipates a February 15 opening. Business expansions include Encon Heating and Air Conditioning, Porter and Chester, Aurora Products and Carrier. Companies that relocated: BE Aerospace, Burr Roofing and Siding from Darien, Grainger from Milford, Zappa Precision a Rhode Island based firm, Graphic Management from Port Chester, NY and Translux from Norwalk.
· A total of 30 single family homes were sold in December with an average selling price of $275,468 and were on the market for 90 days. The quarter reported 106 homes sold at an average selling price of $300,514 and were on the market an average of 90 days. The year reflected 549 single family homes sold with an average selling price of $318,370, which represented a decrease of .0009% in the selling price from the year 2006.** The Department of Community/Economic Development compiles the information that is contained in the Business News Bruce Alessie, Special Projects Coordinator. Source: * Network of Cooperating Commercial Brokers ** Consolidated Multiple Listing Service
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