Cookeville Sets Record Highs In Residential Development In 2023

The City of Cookeville issued 309 permits for single-family developments in 2023, the most since the city started tracking this data.

Community Development Director Jon Ward said those 309 units tallied some $69 million in development. The city also issued 20 commercial and remodeling permits, totaling some $132 million.

“It shows a lot of confidence in the city of Cookeville,” Ward said. “There’s a lot of investment being made, you know. There’s obviously a high demand for housing and commercial uses in the city, and I think that’s a testament to the economic health of the community.”

Ward said this was a huge year for development considering the concern surrounding high interest rates heading into the year. Ward said he has been more interested in seeing people’s willingness to build and move into houses given the higher interest rates.

“The higher interest rates mean higher housing costs for folks, “Ward said. “Hopefully that’ll stabilize some or even come down some, and we’ll just have to see what 2024 holds for us.”

Ward said the new Park View School, the Hyundai Dealership on Tennessee Avenue, and the TN Heart expansion project accounted for much of the $132 million in commercial development. Ward said he is hearing people noticing that it is busier around town. He said that is because, well, it is.

In total, commercial development was down in 2023 by some $24 million due to several major projects last year.

“I think that’s very important to keep in mind as we move forward as well, just that our growth doesn’t outpace our infrastructure,” Ward said. “Our water, sewer capacities, our streets, our street network infrastructure, things like that.”

Ward said in 2022, there were permits issued for 184 single-family units and 50 multi-family units. With zero multi-family permits in 2023, the city still outpaced last year’s residential total by 75 units.