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How Much Does It Cost to Pave a Parking Lot?

Cost to Pave a Parking Lot

In the United States, it costs around $2.50 and $7 per square foot to pave a parking lot and these lots are known to comprise either asphalt or concrete.

Asphalt is regarded as the less expensive option at $2 to $4.50 per square foot, while concrete is $4 to $7 per square foot. Gravel is another very affordable option at $1.25 to $1.80 per square foot, though it entails that the parking lot is not paved.

Parking lot paving is without doubt one of the best ways to extend the life, aesthetic, and functionality of your parking lot. Even though there are numerous factors to take into account such as cost, materials, time, and more, it’s a valid investment.

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Factors That Determine the Cost to Paving a Parking Lot

If you are looking at creating a new parking lot or even renovating an existing one, you have to understand that a wide range of factors will directly or indirectly impact function or cost.

Having a comprehensive insight into the factors noted below will help you get quality paving results and a lasting return on investment.

  1. Size of Project

Note that the cost of paving a parking lot gets higher the bigger it is. This can be attributed to the fact that bigger parking lots tend to need more materials and labor to build.

To ensure you don’t spend so much on unused parking spaces and to remain in line with your budget, it’s important you consider the number of parking spaces you require.

  1. Parking Grade

Another very valid information to keep in mind is that the location of a parking lot can be either above or below. If the parking lot is constructed a few levels above the ground (above grade), it simply entails that the parking lot will cost less since it will only need fewer materials. Nonetheless, if the same parking lot size is built a few levels below the ground, its cost will increase exponentially.

  1. Market Conditions

As with most businesses, the exact expenses that come with building a parking lot will be determined by certain critical market conditions.

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Construction costs in the United States are known to increase at those points when there is a high demand for parking lots.

In the same vein, when a considerable amount of paving contractors is available in the market, the construction cost will indeed go lower.

Howbeit, you have to understand that these shifts or fluctuations in demand and competition can impact the exact amount it costs to build a parking lot.

  1. Parking lot Drainage

One thing to note is that a poorly designed drainage system will require more maintenance costs, and this will indeed drive up the cost of repairs and replacements.

Owing to that, it is necessary to take into account the price implications of different parking lot drainage systems when planning a new parking lot or upgrading a current one.

  1. Licensing and City Approval

When evaluating how much it will likely cost to repave a parking lot, it is important you take into account the expenses that come with obtaining the requisite permits and approvals.

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Truth be told, this can be quite expensive, especially if it is located in a historic district or a sensitive area. The necessary agencies will want to see detailed project plans, such as the specific materials used.

In addition, a good number of cities tend to possess minimum requirements for the width of the parking lot, accessibility for people with disabilities, and the number of parking spaces.

  1. Number of Levels

Don’t forget that your construction cost will indeed increase if you intend to construct multiple parking lot levels. Aside from the extra materials required to build multiple parking lot levels, note that the foundation of the parking lot will have to be larger and more solid to be able to carry the structure.

  1. Service Company

Businesses in the United States that offer paving services are known to possess different pricing structures. As such, when checking out contractors, it’s recommended you ask the right questions to guarantee you don’t end up with unnecessary and expensive features.

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It’s also recommended that you take your time to explore varying options prior to picking a contractor. By doing this, you will have the belief and assurance that you are working with the best contractor.

  1. Material

This is another valid factor to consider when looking to pave your parking lot in the United States. If your parking lot, for instance, only needs repairs or is built on an easy foundation, the project or process of paving will be easier than starting from the beginning.

  1. Labor

Note that the exact amount you will spend to repave a parking lot will more or less vary depending on the project’s complexity. If you intend to carry out a large-scale project, you should be ready to invest more time and money in labor.

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In the United States, it costs around $2.50 and $7 per square foot to pave a parking lot. However, it is recommended you consult or hire experts for specific quotes, taking into account the unique aspects of your project.

By extensively evaluating the factors noted above and seeking multiple estimates, you can guarantee that you will obtain the best value for your investment.