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34 Savannah Area Chamber of Commerce 2015 Economic Trends 13 Industry: Construction Permitting Activity in Chatham County The constructions industry continues to emerge from the 2007-2009 downturn. Total value of newly issued construction rose sharply from $133.7 million in 2012 to $164.8 in 2013, an increase of 23.3%. The number of single family permits increased in 2013 by 11.1% over 2012. The increases in total construction value were entirely due to the increase in single family building permits as multi-family permits continued a downward trend dating back to 2007. However, the number of multi-family permits increased and nearly doubles the number of permits issued in 2012. Chatham County Building Permits Single Family Multi-Family Total Permits Construction Cost Permits Construction Cost Permits Construction Cost 2003 1,314 $193,024,038 33 $10,479,663 1,347 $203,503,701 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 Source: U.S. Department of Commerce, Census Bureau, Annual New Privately-Owned Residential Building Permits. Retrieved 10/10/2014. Multi-family consists of two family, three or four family, and five or more family categories. Residential Construction on the Upswing in the Savannah MSA The regional housing market in the three-county metro area continues to demonstrate growing strength. The number of single- family homes permitted in 2013 increased 20.1%, extending the pace of 20% growth since 2012. A total of 1,517 single family home building permits were issued over the course of the year. The average value per unit in 2013 was $174,200 - an increase of 9.6%. Further, through August of 2014, the number of single family home building permits issued is approximately 28.2% higher than in 2013. The number of two-to-four-unit family dwellings permitted experienced a 160% increase, rising to 26 units. The average value for two-to-four-unit permits also increased 33.1% to $86,600. Permits for multi-family buildings with five or more units, however, fell 22.5%, to 207 units and a recorded valuation decline of 4.6% to $55,800. Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University. http://recenter.tamu.edu, retrieved 10/10/2014 $0 $50,000 $100,000 $150,000 $200,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Permits Issued Single Family Home Building Permits and Average Value per Permit Number of Units Avg. Value per Unit