The latest available numbers show that the value of single-family new construction permits issued in January and February of 2016, increased approximately 22% over the value of such permits issued during the same time period in 2015.
Last year, in January and February, approximately $16.8 million in permits were issued for 74 single-family new construction projects. This year, during the same two months, approximately $20.6 million in permits were issued for 100 projects.
The first chart below shows the 12-month value of single-family construction permits for each month over the last two years. The second chart shows the 12-month number of single-family construction permits over the last two years.
Since May of last year, the valuations of single-family construction permits and the number of permits issued have been on the rise. The value of permits have increased by approximately 14%, while the number of projects have increased by approximately 19%.
The annual rate of new construction permits in February 2016 was 503, valued at just over $103 million.
How do these numbers compare to pre-recession levels?
The annual average number of new single family homes constructed for the ten years before the recession was approximately 1,200.
While the current trend reveals significant increases over the last five years, the 503 single family permits issued over the last 12 months is approximately 40% of pre-recession levels.
Click on images to enlarge.