Monthly housing permits continue growth
2013 permits increased 16% over 2012
Permitting of new homes throughout the state of Pennsylvania continues to rise. The overall comparison shows a 16.6 percent gain in 2013 over the monthly permit data from January through December of 2012.
According to Pennsylvania Builders Association President Kevin Coutts, “After several years of hesitation, more and more new home buyers are returning to the market. Builder confidence also continues to rise and we expect to continue this positive trend in 2014.”
“There are still challenges facing the housing industry – like credit availability, appraisal issues, property tax reform, flood insurance, a lack of skilled workers and buildable lots, but we are optimistic that the trend will continue. The housing industry contributes to job creation and economic growth and we remain optimistic that there will continue to be a gradual strengthening of housing starts and permit activity through 2014,” said Coutts.
The National Association of Home Builders (NAHB) estimates that three jobs are created for each new single-family home that is built, with about half being in the construction industry and the rest in other industries that are needed to outfit and sell a home such as furniture, appliances, textiles, loan officers and lawyers. A total of $90,000 in government revenue is generated — $67,000 in federal taxes and $23,000 in state and local taxes.