Issue link: http://savannah.uberflip.com/i/629640
33 Savannah Area Chamber of Commerce 2016 Economic Trends 13 $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 0 1,000 2,000 3,000 4,000 5,000 Permits Issued Savannah MSA Single Family Home Building Permits and Average Value per Permit Number of Units Avg. Value per Unit 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 $164.8 million in 2013 to $251.7 in 2014, an increase of 52.7%. The number of single family permits increased in 2014 by 16.3% over 2013. As opposed to the downward trend seen from 2007-2013, multi-family building permits soared to a ten-year high in 2014, reaching $45.8 million. 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 2014 1,048 $205,885,088 45 $45,841,262 1,093 $251,726,350 Source: U.S. Department of Commerce, Census Bureau, Annual New Privately-Owned Residential Building Permits. Retrieved 10/22/2015. 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 2014 increased 22.4%, extending the pace of 20.1% growth since 2013. A total of 1,857 single family home building permits were issued over the course of the year. The average value per unit in 2014 was $189,300 - an increase of 8.7%. Through October of 2015, the number of single family home building permits issued is 9.4% higher than in 2014 and the average value of a permit issued was $193,600. After several years of good numbers for multi-family units permitted and a record year for construction in 2014, 2015 (through October) is a down year in which multi-family permit issuance is about one-third of the levels recorded from 2012 to 2014. Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University. http://recenter.tamu.edu, retrieved 10/22/2015.