Construction Slows In June, But Remains Strong
by: Andrew Schneider, July 24, 2012 4:07:00 pm
The City of Houston issued building permits valued at close to $280 million in June, down 14% from June 2011. But building permits for the first six months of 2012 reached $2.2 billion, up 37% from the first half of last year.
Patrick Jankowski is vice president of research for the Greater Houston Partnership.
“Home sales are on the pace to sell 70,000 homes this year. Office rents are going up and the vacancy is going down. So, there’s a demand for more housing, there’s demand for more office space, demand for more industrial space. When the demand’s there, it’s a sign that business confidence is up and consumer confidence is up.”
Jankowski says the twelve-month total for construction is the strongest it’s been since August 2009, when Houston was just coming off a year of rebuilding from Hurricane Ike.
graph designed by Greater Houston Partnership