Despite the economic concerns across the country, Andover residents this year are still pulling building permits for big ticket items like home additions, new windows, swimming pools and woodstoves, according to the town's building office.
Twenty-seven more building permits were issued in town during the first nine months of this year than during the same period last year.
Building department records show 1,006 building permits were issued between Jan. 1 and Sept. 30, 2008, compared to 979 building permits during that timeframe in 2007.
With this week's stock-price plunge on Wall Street and overseas coming just days after the federal government pledged to boost the hurting economy with $700 billion of taxpayers' money, many folks are curbing spending. Here in Andover, the building permit increase could be an indicator that residents are feeling more optimistic than others.
"I think we've been roped in with other states, like Nevada, Arizona, California and Florida, where there are big problems. This has happened so fast, and the big banks are the ones hurting ... local banks are OK," said local developer Bill Perkins.
He's currently building a brand new 4,300-square-foot cafe and food structure on South Main Street, near Rocky Hill and Rattlesnake roads. The site used to be Lund's Service Station.
The foundation was poured months ago and nothing has been built since. But Perkins said he will finish the job.
"I am cautiously moving forward. I've got other projects, too," said Perkins. "I'm still excited about this — it will be a cool townie place ... Construction should happen before the snow flies."
Town Senior Planner Lisa Schwarz agreed that all banks are being brushed with the same gloom and doom brush and that is not the case for the local banks.
"I've met with local banks and they have not issued bad loans. Their customers have good credit. They have money to lend," she said.
Local Realtor Tom Carroll of ReMax Partners on Park Street believes the jump in building permits happened for three reasons. He said people are making their homes more energy-efficient and new roofs and new windows require permits.
Andover real estate has not dropped off as badly as other investments, so it makes sense for people to invest in their homes.
Finally, Caroll predicts next year will bring a better housing market and homeowners are thinking likewise.
"They are getting homes ready for the swing back in '09," he said.
Meanwhile, the Main Street construction hasn't turned away new tenants in this gloomy economy.
Three new businesses have opened recently: Van Ward Gallery next to Ultimate Perk; Sotherland & Co. Rug Gallery, where Regina's used to be; and a new gym has taken over the former Taylor Rental store on North Main Street.
"Andover continues to be a tremendous value community ... good schools, well run and companies move here with their well-paying jobs," Carroll said.
