Single family new home building permits are down for 2009 here in the Tri Cities Washington.. However, the numbers may be skewed a bit as Richland seems to be the only city really down, and Richland's lower new home permits may be a result of no room to grow except north. The Tri Cities new home building permits are the lowest in 10 or so years! In most economies this would be indicative of a poor economy, but not the Tri Cities!
I suspect Tri Cities new home building permits are down simply because builders are echoing the pessimistic sentiments of the national economy. Builders must paying attention to national news, as Tri Cities Washington is approaching a housing shortage. Homes under $300k are for the most part in a seller's market, while rental properties are becoming harder to come by. Just yesterday we were checking on rental comparisons for our personal duplexes only to find 1 (one!) duplex for rent. A year or two ago there would be 20ish duplexes available!
Low building permit numbers are a good thing given our current circumstances here in the Tri Cities. At some point, new homes will have to be built at a quick pace which will only add to our already great stimulus money backed economy. With new construction flaming our healthy economy, big box stores (among other employers) will add even more jobs to our cities.
Low building permits numbers amidst a housing shortage. Nice problem! [grins] Isn't Tri Cities a great place to live!
Btw, let's not forget Businessweek puts us at the third best place in the United States to start over!
by Colleen Lane
The Lane Real Estate Team
(509) 438-9344 - Colleen cell
Feel free to call or text!