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Dallas-area home permits up by almost a quarter | Dallas-Fort Worth Business News – News for Dallas, Texas – The Dallas Morning News

June 27, 2012

 Dallas-area home permits up by almost a quarter

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AP
Permits for home construction in the Dallas area are up by more than 24 percent this year.

 

North Texas homebuilders are getting back to business with a sizable increase in planned construction for 2012.

Single-family home building permits rose by more than 24 percent in the Dallas area through April. And permits in the Fort Worth area were up about 5 percent from the same period last year, according to a new report by the Real Estate Center at Texas A&M University.

“Texas building permits in the first four months of 2012 were up 17.9 percent,” Dr. Mark Dotzour, chief economist for the Real Estate Center, said in the report. “In Texas and other states that are producing new jobs, new homes are being built.

“Employment in the construction industry will expand to meet demand for new production.”

Homebuilding in North Texas fell by more than 70 percent during the recession as builders reduced construction. More than 40 mid-size and large builders in the Dallas-Fort Worth area curtailed work in the area or went broke.

But single-family building appears to have bottomed.

New home sales in the D-FW area were up by 5 percent in the first quarter from the same period of 2011. And starts were 7 percent higher than in the first three months of last year.

The biggest increase in building this year in Texas has been in the oil patch towns of Midland and Odessa where single-family homebuilding permits are almost 56 percent higher than in 2011.

Homebuilding permits during the first four months of the year were up almost 25 percent in Houston, up 23 percent in San Antonio and rose 8.5 percent in Austin.

Permits are a leading indicator of home starts and are watched to gauge the health of the industry.

Nationwide building permits are almost 19 percent higher than a year ago, according to the Real Estate Center report.

“This appears to be the beginning of the next stage of economic recovery in Texas and the nation,” Dotzour said

via Dallas-area home permits up by almost a quarter | Dallas-Fort Worth Business News – News for Dallas, Texas – The Dallas Morning News.

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