Building permits nationwide were issued at a seasonally-adjusted annual rate of 1.632 million units during July, an increase ofa slight 0.4% from July 1998, but 0.5% lower than in June 1999.
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 Region|
|Year-to-date through July 1999|
|# of Units Permitted Year-to-date||% Change Compared to Year Ago|
|East North Central||135,306||7.3%|
|West North Central||57,807||3.9%|
|East South Central||53,786||1.1%|
|West South Central||115,002||-2.2%|
|Source: U.S. Department of Commerce; Professional Builder|
Over-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.
Consumer Confidence Down, Better Than Last Year
Double-digit Earnings Growth Belies Investors
Permits Remain Strong
Housing Starts Up