Permit Pace Blistering

Nineteen-ninety-nine’s top two areas in terms of sheer volume of new residential construction - Atlanta and Phoenix - have moved in opposite directions during the early months of the new year. Permit volume in Atlanta was more than 10% greater through February 2000 than it had been through the first two months of 1999, while permit activity contracted by almost 10% in the Phoenix area during the same period of time. Among last year’s top 25 residential building markets, 13 let more permits for new construction during January and February of 2000 than over the first two months of 1999.

Particularly noteworthy is the solid January and February permit volume growth this year recorded by Columbus, Seattle, Kansas City, Minneapolis, and New York - all five areas coming in more than 25% above their January/February 1999 levels.

Recent Trends In New Residential Permits for 1999’s Top 25 Metro Areas (Preliminary Year-to-Date through February 2000) 1999 Rank # of Units Permitted Year-to-Date % Change Compared to Year Ago Atlanta, GA 9,906 10.4 Phoenix-Mesa, AZ 7,146 -9.8 Chicago, IL 4,389 11.5 Washington D.C. 5,585 5.4 Dallas, TX 4,378 -33.5 Houston, TX 4,779 -19.7 Orlando, FL 3,423 -53.5 Las Vegas, NV 4,464 -8.1 Charlotte, NC 3,647 -14.6 Tampa-St. Petersburg, FL 2,978 -19.3 Minneapolis, MN 2,775 28.0 Denver, CO 4,067 15.2 Raleigh-Durham, NC 2,572 -22.7 Riverside-San Bernardino, CA 2,862 13.0 Seattle, WA 3,107 33.4 Detroit, MI 2,257 17.9 Philadelphia, PA 2,260 9.9 Austin, TX 2,434 -5.0 Kansas City, MO-KS 2,306 32.2 San Diego, CA 2,033 -16.3 Columbus, OH 1,785 57.8 Indianapolis, IN 1,553 -11.8 New York, NY 2,253 25.5 Portland, OR 2,104 -11.0 Los Angeles, CA 2,277 24.2 Source: U.S Department of Commerce; Professional Builder