The Homebuilders Association of Southeastern Michigan (HBA) today announced a total of 411 single-family permits were issued in Macomb, Oakland, St. Clair, and Wayne counties during October.
The activity brought the total single-family home permits for the first 10 months of 2017 to 4,610, sustaining the best start to a year since 2006.
Additionally, multi-family rental permits also increased in this month’s report, with 1,890 permits issued through October. Compared to 2016, multi-family activity across southeastern Michigan’s four-county area is 27 percent higher and marks the best start to a year since 1998, which saw 4,179 permits issued.
The HBA report attributes the increase in new home construction to the strengthening of several economic factors including employment, existing home sales, and residential real estate price appreciation across southeastern Michigan.
Barring any major weather events or sudden national or global downturns, HBA’s econometric model predicts a total of 5,444 single-family permits will be issued by year end, clinching the best record year since 2006, when 6,962 permits were issued.