Accelerating Permit Process for Buildings Can Boost Tax Revenue, Bolster Economy
A study by Pricewaterhouse Coopers regarding the effect of government permitting structures found improving the process can promote economic development, lower business costs, and create jobs both within the construction sector and throughout the local economy.
A study by Pricewaterhouse Coopers regarding the effect of government permitting structures found improving the process can promote economic development, lower business costs, and create jobs both within the construction sector and throughout the local economy.
The study, titled The Economic Impact of Accelerating Permit Processes on Local Development and Government Revenues, found that increased tax collections can provide a revenue source that can help finance the costs of the systems and procedural improvements needed to accelerate permit approval.
The American Institute of Architects commissioned the study. Among the findings are:
Reduced permitting times will encourage economic development.
Permitting delays raise tenant costs both in new buildings and existing buildings.
With competition between jurisdictions for new development dollars, more efficient permit processes can attract investment from other areas.
Accelerating permit processes can permanently increase local government revenues.
Increased construction spending provides broader economic benefits.
Because of the economic importance of investment in structures, even modest efficiency gains in permitting processes can have large impacts.
The complete study is available online.
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