Building Boom Slowing in the Triangle
Posted October 19, 2007 8:11 p.m. EDT
Updated October 20, 2007 12:03 p.m. EDT
Raleigh, N.C. — 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.