Savannah Chamber

37 Savannah Area Chamber of Commerce 2018 Economic Trends 13 Industry: Construction Residential Permitting Activity in Chatham County Residential construction in Chatham County experienced the third consecutive year in which total permitted value exceeded $200 million. Total value of newly issued construction increased to $207 million in 2016 as compared to $202.5 million in 2015, an increase of 2.2%. The total value of single family home permits issued eased slightly from 2015 to 2016. The value of multi- family building permits increased to $13.6 million in value in 2016, increasing by more than a factor of five from the previous year. Chatham County Building Permits Single Family Multi-Family Total Permits Construction Cost Permits Construction Cost Permits Construction Cost 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 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 Source: U.S. Department of Commerce, Census Bureau, Annual New Privately-Owned Residential Building Permits. Retrieved 11/30/2017. 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. A total of 1,786 single family home building permits were issued in 2016, a decline from the previous year. However, the average value per unit issued in 2016 was $236,242—an increase of 17.1% over 2015. Through October of 2017, the number of single family home building permits issued is 8.0% higher than in 2016 and the average value of a permit issued was $220,598. Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University. http://recenter.tamu.edu, retrieved 11/30/2016. $0 $50,000 $100,000 $150,000 $200,000 $250,000 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 Average value per Unit

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