Issue link: http://savannah.uberflip.com/i/1489710
45 Savannah Area Chamber of Commerce 2023 Economic Trends 13 Industry: Construction Residential Permitting Activity in Chatham County The total value of permitted residential construction in Chatham County was $400 million in 2022, a modest decrease of 1.2% from 2021. The value of single-family home permits issued decreased but was offset by an increase in multifamily units permitted. The total number of residential units permitted increased 4% to 1,981 from 1,904 in 2021. The total value of permitted residential construction in Chatham County modestly decreased 1.2% d increased 54%. Chatham County Building Permits Single Family Multi-Family Total Permits Construction Cost Permits Construction Cost Permits Construction Cost 2006 2,692 $399,764,638 648 $41,763,018 3,340 $441,527,656 2007 1,908 $297,269,791 885 $44,880,236 2,793 $342,150,027 2008 1,117 $163,057,158 523 $42,084,952 1,640 $205,142,110 2009 785 $108,170,515 342 $17,654,193 1,127 $125,824,708 2010 676 $87,335,207 281 $14,345,471 957 $101,680,678 2011 655 $84,463,420 402 $24,873,596 1,057 $109,337,016 2012 811 $122,205,698 204 $11,515,108 1,015 $133,720,806 2013 901 $156,331,898 149 $8,490,860 1,050 $164,822,758 2014 1,048 $205,885,088 269 $45,841,262 1,317 $251,726,350 2015 933 $200,307,059 26 $2,210,000 959 $202,517,059 2016 780 $194,149,166 178 $13,628,744 958 $207,777,910 2017 812 $182,019,357 68 $4,116,000 880 $186,135,357 2018 1,081 $223,544,604 986 $170,771,279 2,067 $394,315,883 2019 887 $208,119,293 431 $37,544,044 1,318 $245,663,337 2020 808 $178,153,721 946 $63,277,507 1,754 $241,431,228 2021 1,441 $361,614,823 463 $44,009,032 1,904 $405,623,855 2022 1,082 $295,042,931 899 $105,616,432 1,981 $400,659,363 Source: U.S. Department of Commerce, Census Bureau, Annual New Privately-Owned Residential Building Permits. Retrieved 12/30/2022. Multi-family consists of two family, three or four family, and five or more family categories. Current year dollars. 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 2,178 single family home building permits were issued in 2022, approximately equal to the five-year average. The average value per unit issued increased 9.3% to $277,664. Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University. http://recenter.tamu.edu, retrieved 12/30/2022. 2022 is annualized YTD though November.