Local News

Building Boom Slowing in the Triangle

Posted October 19, 2007
Updated October 20, 2007

— The building boom shows signs of slowing in the Triangle. A new report says the number of house permits taken out in Raleigh is down about 10 percent from this time last year.

New homeowner Jonathan Skinner was the first to move into his South Raleigh subdivision, but said he has not seen moving vans following him right away.

“I don’t have any neighbors yet," he said, but added, "I don’t really mind that.”

Other areas of Wake County are also seeing a slowdown to building. Fewer permits are being issued in Wake Forest, Holly Springs and Garner are also down.

Apex, Cary and Fuquay-Varina are a few of the communities in Wake County where permits are up.

“Our market is responding to the rest of the country in that it’s difficult for people to sell their homes in other markets to come here,” said Tim Minton, executive vice president with the Homebuilders Association of Raleigh-Wake County

New numbers show building permits being issued in Raleigh are down 10 percent over last year.

“I think that it shows that our builders are being very smart and not investing too far out in the future and making sure the market rebounds,” Minton said.

The building industry estimates that construction makes up 25 percent of Wake County's economy. Officials said they wonder where the jobs will go if the number continue to drop.

Skinner said he is also worried.

“It’s a minor concern. You want the community to develop, and you want it to develop quickly. You want values to appreciate,” Skinner said.

Compared with the national average, Raleigh is in good shape. Building permits are down 24 percent nationwide.


Please with your WRAL.com account to comment on this story. You also will need a Facebook account to comment.

Oldest First
View all
  • nomorenc Oct 21, 2007

    since sales have all but stopped, it is good that building has slowed

  • Sumo Vita Oct 20, 2007

    So perhaps we'll have fewer lane closures, fewer cement trucks to crawl behind on our way to work, less crowded schools, housing values that might actually appreciate, and developers doing their "developing" in someone else's backyard. Forgive me, but I almost cheered for a second there.

  • Lolly52 Oct 20, 2007

    "The building industry estimates that construction makes up 25 percent of Wake County's economy. Officials said they wonder where the jobs will go if the number continue to drop."

    What percentage of the workers are illegal aliens? If they all pack up and move on, boo hoo - NOT

  • seeingthru Oct 20, 2007

    needs to stop entirely, our natural resources/infrastructure cannot support incresed demands our leaders have been foolhardy, grab the money and run

  • ladyblue Oct 20, 2007

    Wish in one hand and mess in the other and see which one fills up first. Can't have your cake and eat it too.

  • LocalYokel Oct 20, 2007

    its good that we are not building as many new houses. We dont seem to have the infrastructure to support more people (look at water situation). We dont need new houses, there are plenty of houses already available in the area -why are we building more?

  • datomedeedles Oct 20, 2007

    This is Bushs fault, if he hadn't caused hurricane katrina.....

  • DontLikeTheSocialistObama Oct 20, 2007

    Wake County is in the process of raising the tax appraisal value for all property in Wake County as the value of the property is going down.

    Typical government greed and over taxation to fund it's feel good socialist programs.

  • DontLikeTheSocialistObama Oct 20, 2007

    "If the value of your house drops will the County tax drop also? Does this mean less money for the county and schools?"

    No, it doesn't mean lower taxes. Governments have a way of keeping accessed values and tax rates in sync so that they have a consistent income.

    Don't think that the government is going to loose out on it's revenue for it's feel good socialist programs just because the value of your house went down.

    The government will get it's money no matter what happens to the citizens.

  • districtcadvocate Oct 20, 2007

    And what about all of these "illegal" immigrants that we have brought into the city county, with their families, where do they work now? Whose job will they target next as the job US Citizens do not want to do?

    Please take stock of the crime stats as we go into the Christmas Season. So many people wanting to do a little giving with out a "livable wage" to draw from, so little work offering that very same "livable wage". But check that our definition of a "livable wage" has to be defined in the global 'cents'. If my math does not escape me, "livable wage" is nothing but the lowest common denominator given the global 'cents', definition of "livable wage".