Building Permits Issued For Year Ending In January Hit Record $6.2 Billion
by: Andrew Schneider, February 25, 2014 5:02:00 am
For the twelve months ending in January, the city issued building permits totaling $6.2 billion. That outstrips the pre-recession peak of $6 billion, set in October 2008. Mark Sikes is principal of Houston-based real estate counseling firm Deal Sikes and Associates.
“Surpassing the 2008 levels just proves that the Houston market has been resilient, that it is growing, and it continues to remain one of the most attractive markets in the nation for both commercial and residential development.”
Ralph Bivins, editor of Realty News Report, says builders are still struggling to come up with enough workers to keep up with the demand for new construction.
“Many of the tradesmen — during the crash, when very few homes were being built, and they left the industry — they went to go work in the shale oil field.”
The total for the year ending in January marked a 26% increase over the $5 billion worth of permits issued in the twelve months ending in January 2013.