Capital District Real Estate Down

From Times Union (here):

The depth of the recession-fueled inactivity is evidenced by new building permit data released Thursday by the U.S. Census Bureau, which shows that Capital Region cities and towns issued only 32 building permits in December, all for single-family homes.

That compares to approvals for 62 single-family homes and 22 apartments in the last month in 2007.

And the drop isn’t limited to residential construction: Figures released by McGraw-Hill Construction, an industry monitor, show a 97 percent plunge in the dollar value of contracts for future nonresidential construction in the area, from $164.9 million in December 2007 to $5.4 million in the same month this year.

You may also like...