Arizona home builders are on track for 14,000 new home permits this year, double the average of the last two years, but still below the “normal” levels of 20,000 to 25,000 a year
By Michelle Reese
East Valley Tribune
New home builders are showing “signs of life” in Arizona, especially in the East Valley, one economic expert says.
But it still may be a while before the state returns to “normal levels.”
“Home building, similar to job growth, may be up somewhat, but continues to be far below ‘normal,’ and therefore, the best observation we can make is that home construction is showing signs of life,” research professor Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business at Arizona State University, said. “(It) maybe up as much as 50 percent this year, but even at that, it will be still one of the weakest years on record for Arizona.”
Still, with plans taking shape, the East Valley may be the beneficiary of a lot of new homes.
Gilbert has issued 1,896 new home permits through August, already surpassing the 1,545 new home permits for all of 2011. There were 197 permits issued in August, while April and May were strongest with 290 and 295 permits issued.
In the peak years, the town saw 300 permits a month on average.
It’s possible the town could come close to issuing double the number of permits of 2011, said Greg Tilque, director of the town’s development services department.
And the future may be brighter.
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