The Value of SFR Permits Rebounds in October

The New Construction Report shows the number of permits issued in October 2018 (39) was down 20.4% over the number issued in October 2017 (49). However, the value of permits issued in October 2018 increased 67.8%, to $14.6 million, when compared to the $ 8.69 million reported one year ago.

Annual trends show the value of single-family new construction permits issued over the last 12-months was $131.95 million. The is 1.60% below the $134.10 million annual value reported one year ago.

Over the last 12 months, 603 single-family new construction permits have been issued. This down 2.7% from the annual rate of 620 permits reported one year ago.

The chart below shows the annual value of single-family construction permits issued for the previous 24-months.

The chart shows that the annual value of single family construction permits, which had been falling since April 2018, rebounded in October. The annual value reported in October, $131.95 million, is below the annual value reported for calendar year 2017 of $136.7 million and above the 2016 value of $112.9 million.

Not unexpectedly, the number of permits issued is following the same annual trend as the value of permits. The annual rate of permits issued as of October 2018 (604) is below the number of issued during the calendar year 2017 (664), but above the permits issued in 2016 (554).

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