Building permits nationwide were issued at a seasonally-adjusted annual rate of 1.632 million units during July, an increase of a slight 0.4% from July 1998, but 0.5% lower than in June 1999. Through the first seven months of this year, residential permits totaled almost 980,000--6.1% more than for the same period in 1998, and slightly better than the 5.2% increase in total starts.
New Residential Building Permits By RegionYear-to-date through July 1999# of Units Permitted Year-to-date% Change Compared to Year AgoTOTAL U.S.979,6116.1%NORTHEAST95,1169.3% New England28,0191.9% Middle Atlantic67,09712.7%MIDWEST193,1136.3% East North Central135,3067.3% West North Central57,8073.9%SOUTH450,4636.6% South Atlantic281,67511.9% East South Central53,7861.1% West South Central115,002-2.2%WEST240,9193.8% Rocky Mountain115,205-0.8% Pacific Coast125,7147.9%Source: U.S. Department of Commerce; Professional BuilderOver-the-year permit growth has been strongest in the Northeast (+9.3%), although almost all of the gain here has been realized in the Middle Atlantic states. Total permits issued for new home construction in the New England states increased less than 2% from a year ago during the first seven months of 1999.
Total permits issued in the Rocky Mountain states through July of this year actually came in a bit lower than the total for the January-July 1998 period. Although total permits issued in the state of Arizona continue to grow at a healthy clip-up 7.9% so far this year-permit volume has fallen in Nevada, Utah, Colorado, and New Mexico.
Also See:
Consumer Confidence Down, Better Than Last Year
Double-digit Earnings Growth Belies Investors
Permits Remain Strong
Housing Starts Up