10-28-2013 07:21 PM

Residential permit values more than double since recession


Total building permit value in the Houston area has increased nearly 80.9 percent to $5.7 billion in total value in the 12 months ending in September from the same period last year.




Building permit values in Houston have steadily inched higher every month since the recession with residential more than doubling its yearly permit value in the 12 months ending in September.
Since the May 2011 trough for residential construction at $900 million, the 12-month permit total has gone up to $2.1 billion, or 135.7 percent, according to information collected by the city’s Department of Public Works and Engineering.
Houston’s homebuilders continue to feed the ever-increasing demand for inventory in the area with permits issued in the 12 months ending in September last year valued at more than $1.6 billion, a 32.3 percent increase.
Nonresidential, or commercial, building permits increased as well with a 17.9 percent jump in the 12 months ending in September, hitting $3.5 billion. The figure for the same period a year earlier was $3 billion.
During the recession, the low point for total permits over a 12-month period was $3.1 billion, ending in September 2010. Since then, permits have increased nearly 80.9 percent to $5.7 billion in total value for the most recent 12-month period.
Shaina Zucker covers commercial and residential real estate, construction, retail and hospitality for the Houston Business Journal. For her breaking stories and industry insights, follow her on Twitter.


Continue Reading >>