Building Permits down, Construction Costs up!
Building Permits over the past year have shown a decrease in the amounts being issued, going from 589 In April 2021 to 560 This past April.
This is an 11% decrease in total permits issued. The Biggest decrease In permits Issues was seen in Apartment buildings seen a drop of 41 permits from the year before.
In Terms of Housing Permits, the stats are as follows.
400 Permits were Issued for 601 Homes. 233 of these were for single-family homes, a 16.8% decrease from the year prior.
Residential Apartment Blocks saw the largest decrease in permits issued going from 572 in April 2021 to 258 this year, a 54.9% drop.
These major changes and decreases have mainly come from the sudden rise in construction costs that have seen increases of up to 20% in building materials.
On the flip side, some building permits have seen an increase in the past year, these include Residential Commercial Apartment Buildings that saw an increase in permits from 29 to 54, a 86% increase.
Finally, Road construction has increased from 12 to 15 units showing a 25% increase.
For more information and in-depth analysis, please do not hesitate to check out this amazing article written by Nigel Howarth.
