Report: Housing permits decline in first quarter of the new year
This is the first time in seven years that housing starts have fallen below 1 million.Housing starts are down 20% from last year, the first time in 7 years they've fallen below 1 million.
Tall Timber Group's new research shows that housing development will be down in the first months of 2023.
Tall Timber principal Jeff Burd stated that in a recent Breaking News Update, preliminary data from Pittsburgh Homebuilding Report indicated that permits for building new homes in metropolitan area decreased by 19.5% over the past year in the first three months of 2023.
The dramatic rise in interest rates and construction costs was a major factor behind the slowdown.
The update shows that commercial construction was strong in the quarter. According to the report, the value of commercial and nonresidential new construction in the quarter reached $1.073 Billion, which is $370 Million more than the previous quarter.