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63 Savannah Area Chamber of Commerce 2020 Economic Trends 13 Industry: Residential Construction Residential Permitting Activity in Chatham County The value of permitted residential construction in Chatham County exceeded $264 million in 2019. The total value of single- family home permits issued decreased 1% from 2018 to 2019, while the number of permits issued decreased 15%. The value of multi-family building permits was $43 million 2019. Chatham County Building Permits Single Family Multi-Family Total Permits Construction Cost Permits Construction Cost Permits Construction Cost 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 1,081 $223,544,604 982 $170,771,279 2,063 $390,747,034 2019* 915 $221,330,730 501 $43,443,756 1,416 $264,774,486 Source: U.S. Department of Commerce, Census Bureau, Annual New Privately-Owned Residential Building Permits. Retrieved 12/17/2019. *2019 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. An estimated total of 1,857 single family home building permits were issued in 2019, roughly equal to the five-year average. The average value per unit issued increase 12% to $241,500. Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University. http://recenter.tamu.edu, retrieved 11/26/2019.