By Eller Business Research Center
In September, Arizona over-the-year building permits saw a significant 44.1% increase to a total of 5,793, not seasonally adjusted, according to research by the Eller Business Research Center. The number of single-family permits similarly saw a prominent rise over the year, increasing 43.5% to 3,135. The Phoenix metropolitan area accounted for a majority of the permits in the state with 4,758 issued, a 48.5% increase from last September. The number of single-family units additionally rose 51.8% to 2,254. The Tucson MSA showed similar growth, observing a 47.8% rise in the total units to 445 and a 70.0% increase in single-family units to 372. Of the counties, Cochise, Coconino, Gila, Mohave, Pinal, Santa Cruz, and Yuma all saw increases, while Apache, Graham, Navajo, and Yavapai all saw decreases. No change occurred in La Paz.
Real gross domestic product (GDP) increased at an annual rate of 4.9% in the third quarter of 2023, according to the advanced estimate released by the Bureau of Economic Analysis. The increase in real GDP reflects an increase in consumer spending, private inventory investments, exports, state and local government spending, and residential fixed investment which was somewhat offset by a decrease in nonresidential fixed investment and an increase in imports. The increase in consumer spending reflects increases in services such as housing and utilities; financial care and insurance; and food services and accommodations, and goods, led by prescription drugs and recreational goods and vehicles. Current-dollar personal income, disposable personal income, and personal savings all increased in the third quarter, albeit at a lower rate than in the second quarter.
