Permits Point Toward Spring Inventory (Nov. 2017)
Local home builders are preparing to offer metro home buyers an ample inventory of new homes next spring and summer with 505 permits issued during November, according to the Home Builders Association of Greater Kansas City’s (HBA) monthly Residential Building Permit Statistics report. Year-to-date total permits continue the trend toward recovery in the industry with 5,741 permits issued in the first 11 months of 2017, compared with 5,165 during the same period last year.
Permit activity is on target to top 6,000 during the calendar year. This would approach the median annual level of 6,385 reported over the past 37 years.
National Association of Home Builders chief economist Robert Dietz is optimistic that building will continue a growth pattern next year saying: “The strong November reading indicates that builders are continuing to increase single-family production to meet growing demand for housing. With low unemployment and increasing owner-occupied household formation, single-family starts should continue to make gains in 2018.”
Kansas City, Mo., continues to top the list of area cities in number of permits issued with 892, although this is a decrease of 132 permits from 2016. Other cities in the top permitting list are: Olathe with 592, Lee’s Summit at 445 Overland Park with 421 and Kansas City, KS/Wyandotte County rounding out the top five at 295.
Click here for the November 2017 Residential Permit Stats report.