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New-home permits up in Wake County

Posted November 16, 2012

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— The number of people applying for new-home permits in Wake County in October jumped 83 percent from the same time last year, according to the latest numbers from the Home Builders Association of Wake County.

Comparing January through October for the same time period last year, they're up 30 percent, from 3,107 to 4,049.

"When you're looking at Wake County, we've started over 4,000 homes this year," Tim Minton, executive vice president for the Home Builders Association, said Friday. "So, you're looking at 12,000 jobs that are added to our marketplace. This is not just the builders. It's the carpenters. It's the brick layers."

Minton said factors for the increase have to do with the economic recovery. People are buying, and builders are responding to supply and demand, he said.

"We do not have that many new homes in the marketplace," he said. "The builders have done a great job, in terms of selling through the inventory."

Homes New-home permits up in Wake County

Apex, Knightdale, Raleigh and Fuquay-Varina permits more than doubled for the month. Remodeling permits also showed great gains, with a 12 percent increase.

Wayne Holt, who runs Reward Builders, a local custom-home builder, said that, in the past few years, his company has been selling three or four houses a year at lower prices.

So far, this year, he said, he has sold seven homes at a higher price, and he expects more for next year.

"(The year) 2012 has been good to us for sure," Holt said.

5 Comments

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  • rcrdngcountry Nov 19, 10:15 a.m.

    i feel we should be happy at any good news. i feel some people
    want things to be bad, just because the president got back in.

  • storchheim Nov 16, 7:59 p.m.

    busyb97 gets it.

  • busyb97 Nov 16, 7:01 p.m.

    lets hope that any "fiscal cliff" fall outs, do not impact this.... but if things happen in the economy without any change of the current course, I bet these numbers slow. Those homes may get built, but will they get PURCHASED! I want to see the home sales numbers, not just the building of homes.

  • nerdlywehunt Nov 16, 6:31 p.m.

    Permits is no indication of completed construction............more BS

  • djofraleigh Nov 16, 6:01 p.m.

    900 more homes in 10 months is a good trend. With Wake supposedly going to have the huge increase in population (as being shown by school populations) then there are going to ahve to be more homes built.

    The El Boomers, the Echo Boomers (Y-generation, and the baby boomers are going to want to live on smaller lots, closer to urban centers (see downtown push of government money) and if nothing draws the retirees out of city limits, then building in this area is bound to increase at better than this 900 increase. This is still slow growth and will take time to get back to what it was six years ago.

    One thing they can do is tax property by number of adults in the household using utilites. Get those 20s out of mom and dad's house and out into the market.

    Of course, JOBS need to increase.