2024 Development Activity Report Available
~ from 2024 Development Activity Report Available
Knoxville-Knox County Planning recently released the 2024 Development Activity Report.
In 2024, more than $1.7 billion was invested in new construction, with new residential development surpassing the $1 billion mark for the second year in a row. In contrast, new non-residential construction was the lowest it’s been since 2018 at $235 million. Despite that dip, non-residential renovations ranked the second highest of the past decade at $282 million.
The area’s strong demand for housing in recent years has led developers to increase supply of new residential units permitted, in keeping with a trend of increasing activity year-over-year that has been observed since 2020. In 2024, nearly 5,600 residential units were permitted, approximately 1,100 units above the 5-year average and 400 more units than the year before.
Central City topped the residential development chart in 2024 with 1,665 units permitted. This includes Hub Knoxville on Cumberland Avenue and The Mark at Knoxville on South Concord Street. The popular Northwest County came in a close second and ranked first for non-residential permits. A total of 1,637 new residential units and 31 non-residential units were permitted here.
Knox County also saw notable rezoning and subdivision activity. The number of residential lots created by subdivisions increased nearly 66 percent from 2020, returning to pre-COVID levels. The majority of those lots were created in the Northwest and Northeast County. There was also an increased acreage of agriculturally zoned land converted to other zoning types over 2023. Agriculturally zoned properties can represent a wide variety of existing uses ranging from farms to vacant, unused tracts to single-family homes on large lots.
View the full report on Planning’s website for more information, or contact Aubrey Weiland at aubrey.weiland@knoxplanning.org or 865-215-3832 for a version of this report in a screen-reader accessible format.
