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35 15 Savannah Area Chamber of Commerce 2024 Economic Trends Industry: Construction Residential Permitting Activity in Chatham County The total value of permitted residential construction in Chatham County was $384 million in 2023, a modest decrease of 4.2% from 2022. The value of multi-family home permits issued decreased but was offset by an increase in single-family units permitted by +60%. The total number of residential units permitted decreased to 1,812 from 1,981 in 2022. Chatham County Building Permits Single-Family Multi-family Units Total Permits Construction Cost Permits Construction Cost Permits Construction Cost 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 2023 1,736 370,278,326 76 13,615,645 1,812 383,893,971 Source: U.S. Department of Commerce, Census Bureau, Annual New Privately-Owned Residential Building Permits. Retrieved 12/07/2023. 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 with an increase in the total of single family home building permits by +14%, 313 units in 2023. The average value per unit issued decreased 7.8% from the previous year but still sits at a resounding average of $256,102. Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University. http://recenter.tamu.edu, retrieved 12/06/2023. 2023 is annualized YTD though October.