If your business or property needs a new asphalt parking lot, one of the first questions on your mind is likely cost. The price of parking lot paving depends on many factors, but having a general idea can help you budget and plan accordingly.
So, how much does it cost to pave a parking lot? Let’s break it down.
Average Cost of an Asphalt Parking Lot
The cost of paving an asphalt parking lot typically ranges from $2.50 to $4.50 per square foot. This means that for a 10,000-square-foot parking lot, you can expect to pay between $25,000 and $45,000 in materials.
The total cost of your new parking lot depends on various factors, including materials, site preparation, and additional features like curbs, gutters, and striping. Understanding these costs can help you make informed decisions and get the best value for your investment.
Depending on these factors, the average asphalt parking lot paving cost in the U.S. is between $5,000 for a tiny lot and as much as $700,000 for a large commercial lot with hundreds of parking spots.
Factors Affecting Paving Costs
Materials
The type and quality of asphalt you use influence the cost. Higher-grade asphalt may have a greater upfront cost but can offer additional durability and longevity, which reduces long-term maintenance expenses.
Size & Layout
The total square footage of your parking lot is a major cost factor. A larger lot requires more materials and labor. Keep in mind that the average parking spot requires 300 to 350 square feet per car, plus open areas for walking space, so make sure to focus more on getting a correctly sized lot than on the bottom line alone.
Additionally, design elements such as the number of entrances and exits, medians, curbs, gutters, and sidewalk spaces all contribute to the final cost.
Site Preparation & Accessibility
Asphalt can’t be laid down on grass or unstable ground, so proper site preparation will factor into your final cost. Proper site preparation includes grading, excavation, and installing a solid base layer to support the pavement.
If your site has drainage issues, extra work may be required, which can increase the final cost.
Permits
Your local regulations may require permits for commercial parking lot construction. The cost of permits varies by municipality and must be factored into your project budget.
Labor
Labor costs can fluctuate depending on location and the complexity of your project, but the average is between $1.50 and $2.00 per square foot for labor. Experienced paving contractors charge for skilled work to make sure the job is done correctly. It can be tempting to go with the lowest bidder for your project, but in some ways, a skilled crew is priceless.
Signage & Markings
Once the asphalt is laid, the parking lot needs to be functional, not to mention compliant with safety regulations. Striping, signage, lighting, and ADA-compliant markings will add to the overall expense.
Maintenance
Regular maintenance helps extend the life of your asphalt. Sealcoating, crack filling, and resurfacing should be factored into long-term commercial parking lot paving costs.
Get the Best Return on Your Investment
Choosing a professional paving contractor makes sure you get high-quality results and long-term savings. Michigan Paving & Materials provides expert asphalt paving services across Michigan with durable materials and skilled workmanship. Contact us today for a quote on your parking lot project and get the best return on your investment.
