May 2006
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For the sixth straight month in a row, the value of building permits surpassed the $5 billion mark, up 6.9% from April’s figures.
The increase was attributed primarily to the non-residential sector which included intentions in all three non-residential sectors; industrial, commercial and institutional. Non-residential permits have been on an upward trend since the end of 2005.
The value of housing permits moved up slightly to $3.3 billion with permits in multi-family dwellings offsetting the decline is single family components.
Single family permits were $2.1 billion, down 1.0% from April and the fourth consecutive monthly retreat. Multi family permits increased 3.8% to $1.2 billion, which is the third increase in the last four months.
Single family permits declined 2.2% to 9,400 units, the lowest since January 2005. The number of new single family approvals has declined for the last 5 months. On a positive side, multi-family permits were up 7.0% to 9,515.
The housing sector continues to be supported by low mortgage rates, high levels of full time employment and gains in disposable income.
June building permits are scheduled to be released on August 7, 2006.Previous release on building permits.
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