Housing permits continue strong growth in Carolinas

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Reed Construction Data  Chief Economist Jim Haughney reports six cities in the Carolinas are issuing housing permits at twice or more the rate per population as the rest of the country. The list includes Raleigh (2.8); Charleston ( 2.7); Columbia (2.7); Durham (2.5); Charlotte (2.0) and Greensboro (2.0).

These cities are attracting new workers and businesses because of their low cost for both workers and business. Each of them has positive net immigration from elsewhere in the US in recent years through 2009 which likely is continuing. Also, each of these cities, had a relatively mild housing recession. Home price declines were very low because there was very little price surge in 2004-06. In turn, there was little price surge because the use of subprime mortgages was small and permitting was relatively quick and inexpensive so the housing supply was not seriously constrained.

Housing permit issuance in most of the large housing markets is well below the housing peak level and continues to ebb lower apart from the brief surge and collapse of permits caused by the homeowner tax credit.

The top 20 single family permit list includes Raleigh (#13) and Charlotte (#17).  Read More.

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