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Flash Report: '09 Building Permit Wrap-Up |
Residential permit activity ended 2009 on a comparatively positive note. In the fourth quarter, total permit issuance was down just 5% from the level seen during the same period last year. Single-family permits were up 15% during the quarter, while multifamily totals were 40% lower than one year ago. Though still below last year’s level, the 5% drop in total permits is the smallest year-over year decline in total permit issuance seen in any quarter since the first quarter of 2006 when total permits rose 4% on a year-over-year basis. In comparison, at the end of 2008 total permits were down by 46% from the preceding year.
Residential permit activity ended 2009 on a comparatively positive note. In the fourth quarter, total permit issuance was down just 5% from the level seen during the same period last year. Single-family permits were up 15% during the quarter, while multifamily totals were 40% lower than one year ago. Though still below last year’s level, the 5% drop in total permits is the smallest year-over year decline in total permit issuance seen in any quarter since the first quarter of 2006 when total permits rose 4% on a year-over-year basis. In comparison, at the end of 2008 total permits were down by 46% from the preceding year. At the metropolitan level some notable year-over-year increases in single-family permit issuance in the fourth quarter include:
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MSA
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% Increase
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Pittsburgh, PA (MSA)
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+41%
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Boston-Cambridge-Quincy, MA-NH (MSA)
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+33%
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Cincinnati-Middletown, OH-KY-IN (MSA)
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+31%
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Dallas-Fort Worth-Arlington, TX (MSA)
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+30%
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Salt Lake City, UT (MSA)
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+30%
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Minneapolis-St. Paul-Bloomington, MN-WI (MSA)
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+23%
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Charlotte-Gastonia-Concord, NC-SC (MSA)
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+20%
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Austin-Round Rock, TX (MSA)
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+19%
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Los Angeles-Long Beach-Santa Ana, CA (MSA)
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+18%
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Detroit-Warren-Livonia, MI (MSA)
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+16%
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Riverside-San Bernardino-Ontario, CA (MSA)
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+15%
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Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (MSA)
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+8%
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For more information on the Flash Report and other U.S. Housing Markets publications, please visit our website at www.hwmarketintelligence.com. |
