First Quarter New Home Construction Indicates Continued Recovery
March 2013 residential permit statistics indicate a thirty percent jump over 2012 for the same quarter last year, according to the Home Builders Association of Greater Kansas City’s (HBA) monthly Residential Building Permit Statistics report. This year’s first quarter recorded 832 single family units compared to last year’s first quarter number of 640. The numbers were bolstered by 129 multi-family rental units in Johnson County. With the addition of 383 total starts in March, the Greater Kansas City area has not seen a first quarter this good since the first quarter of 2008.
“Building is up, remodeling is up, competition is up with builders re-entering the market, and the Parade of Homes entries are up,“ said Executive Vice President Sara Corless. “All of this rolled together signals to consumers the opportunity to buy a new home is now especially with interest rates continuing at historic lows.”
Activity of note for the quarter is that the Missouri northern counties of Clay and Platte account for 25 percent of the total permits, Missouri southern counties of Jackson and Cass account for 16 percent of the total permits and Johnson County alone accounts for 47 percent of the total. Wyandotte County is up 44 single family units the first quarter for the largest percentage increase in a county at 338 percent.