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Single Family Housing Permits Remain Depressed; Multi Family Offers Hope

Single Family Housing Permits Remain Depressed; Multi Family  Offers Hope

Fixed residential investment plays an important role in economic recoveries and thus economists continue to watch regional housing permit levels.

Unsurprisingly, the level of permitting remains depressed in the Hampton Roads market, particularly with respect to single family permits. The jump in permits in February proved to be a short-lived phenomenon, with permits dropping to 225 units for the region in March, half the typical level of permitting in Hampton Roads. While the level of multi-family permits has been noted as an area for optimism (304 permits in March), multi-family permits typically represent a small percentage of overall permitting, and are far more volatile than single family housing. Construction employment in the region has fallen by a third over the past 5 years, down by 16겨 jobs.

*Note- All numbers and graphics feature seasonally adjusted the numbers.

 

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