2020 has been an unprecedented year in so many ways. Fortunately, Edmond has seen some positive news in commercial and residential activity.
Commercial permits are up 50% from this time last year. This year’s permits include a new McDonalds on the west side of I-35 and Covell with SSM Health (St. Anthony’s) and Integris beginning construction on the east side of I-35. A Neighborhood Jam restaurant in the Shoppes on Second Street development and office buildings in Fairfax and Astoria office parks are also under construction. Highland 55, a residential community on Bryant for those 55 and older, is in the process of building 72 units with over half of them already leased. This last month, the Ice House development received permits for 14,000 square feet of restaurant and entertainment space in five buildings just north of Edmond Road, west of the railroad tracks. This development has a scheduled opening for the summer of 2021.
New residential permits have surpassed 2019’s total through 10 months of 2020, with 509 homes constructed or under construction. The average value of a new home is approximately $395,000. Currently, there are 2,203 lots available for construction in neighborhoods across Edmond. The existing home market is on course to have another record year for homes sold. Absorption rates—days on the market— is being measured in days versus months in certain price ranges. The average price of an existing home is approximately $335,000.
Sales tax collections are not only a critical component in how the city of Edmond operates, but they also represent how businesses are performing. Edmond has been on a positive trend for several months. For Edmond’s fiscal year to date, which runs from July through June, the latest report shows an increase of 7.25% over this time last year for sales tax and use tax (internet tax) combined.
According to the International Council of Shopping Centers (ICSC), consumers plan to spend over $862 billion this holiday season despite the pandemic and economic downturn it has caused. That would be an increase of 1.9% over holiday spending in 2019. Consumers are estimated to spend an average of $655 per person on holiday-related items, and 81% plan to make purchases in a physical store.
Let’s support Edmond businesses this holiday season and shop local. Edmond restaurants and retailers are prepared to help their customers shop safely, and there are many ways to do this.
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About Janet Yowell
Janet Yowell is the executive director of the Edmond Economic Development Authority. The EEDA exists to offer resources that stimulate the growth of Edmond’s economy by creating and maintaining an optimum environment for both new and existing businesses, offering services that facilitate the growth and expansion of those businesses and generating opportunities to increase the sales tax base of the city of Edmond.
Janet is a graduate of the University of Oklahoma’s Economic Development Institute (OU/EDI) and Leadership Edmond Class VIII. She was named the 2019 Citizen of the Year by the Edmond Area Chamber of Commerce and one of the 2006 50 Women Making a Difference by The Journal Record. Janet is also a Paul Harris Fellow of the Rotary Club of Edmond and was named their 2020 George Mikesell recipient.