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58 Savannah Area Chamber of Commerce 2019 Economic Trends 13 Industry: Construction Residential Permitting Activity in Chatham County The value of permitted residential construction in Chatham County exceeded $330 million in 2018. The total value of single family home permits issued increased 19% from 2017 to 2018, while the number of permits issued increased 26%. The value of multi-family building permits was $110 million 2018. Chatham County Building Permits Single Family Multi-Family Total Permits Construction Cost Permits Construction Cost Permits Construction Cost 2004 1,366 $224,553,004 47 $23,470,839 1,413 $248,023,843 2005 1,892 $281,012,484 77 $39,820,995 1,969 $320,833,479 2006 2,692 $399,764,638 52 $41,763,018 2,744 $441,527,656 2007 1,908 $297,269,791 84 $44,880,236 1,992 $342,150,027 2008 1,117 $163,057,158 45 $42,084,952 1,162 $205,142,110 2009 785 $108,170,515 26 $17,654,193 811 $125,824,708 2010 676 $87,335,207 24 $14,345,471 700 $101,680,678 2011 655 $84,463,420 28 $24,873,596 683 $109,337,016 2012 811 $122,205,698 15 $11,515,108 826 $133,720,806 2013 901 $156,331,898 29 $8,490,860 930 $164,822,758 2014 1,048 $205,885,088 45 $45,841,262 1,093 $251,726,350 2015 933 $200,307,059 2 $2,210,000 935 $202,517,059 2016 780 $194,149,166 178 $13,628,744 958 $207,777,910 2017 826 $185,285,914 78 $4,097,078 904 $189,382,992 2018* 1,044 $219,975,755 757 $110,170,939 1,801 $330,146,694 Source: U.S. Department of Commerce, Census Bureau, Annual New Privately-Owned Residential Building Permits. Retrieved 01/02/2019. *2018 data estimated from data through October. Multi-family consists of two family, three or four family, and five or more family categories. Residential Permitting Activity in the Savannah MSA The regional housing market in the three-county metro area continues to demonstrate strength. A total of 1,898 single family home building permits were issued in 2017, an increase from the previous year. However, the average value per unit issued in 2017 was $221,800—a decrease of 9.2% over 2016. Through October of 2018, the number of single family home building permits issued is 2.5% higher than in 2017 and the average value of a permit issued was $222,241, up 1%. Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University. http://recenter.tamu.edu, retrieved 12/14/2018.