Tri-Cities new residential permits down 18.4% in 2014


By DON FENLEY

Adkins annualMany area new home builders are all smiles about the way their business is performing and the 2015. But that enthusiasm isn’t borne out by new permits.

Tri-Cities new home permits were down 18.4% from 2013 according to the just released Market Edge Resident Building Permit Trend Report.

Permits for high-end homes also declined across the region, but increased in Greene County. The report defines a high-end home as one that is 4,000 or more square feet or with a construction cost over $400,000.

The actual number of permits pulled last year was 688 down from 843 in 2013.  Carter County was the on county where the number of permits increased.

Here’s how last year looked compared to 2013.

  • Washington Co. TN, 235 permits, down 25.2%
  • Sullivan County, 220 permits, down 20%.
  • Greene County, 84 permits, down 5.6%.
  • Washington County VA, 71 permits, down 13.4%
  • Carter County, 54 permits, up 5.9%
  • Hawkins County, two permits, down 40%.
  • Scott Co. VA, 12 permits, down 50%.

High-end homes.

  • Washington County led the region with 18 permits, down from 16 in 2013.
  • Washington County, VA saw 12 permits, down from 15 in 2013.
  • Sullivan County’s high-end permits dropped to nine last year from 18 in 2013.
  • Greene County, six permits up from one in 2013.
  • Carter County, one permit, unchanged from 2013.
  • No high-end permits were pulled in Hawkins County.

Elsewhere in East Tennessee permits were up 1.3% in the Chattanooga region and up 3.7% in the Knoxville area. High-end permits also increased in both those areas.

 

Trackbacks

  1. […] employing a variety of investing strategies,” said Daren Blomquist, vice president at RealtyTrac. Tri-Cities new residential permits were down 18.4% in 2014 and a performing at less than half of the pre-recession norms.  “Whether […]

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