'Boro Single-Family Home Permits Increase Again In 2016

  Email   Print

Single-family residential detached permits continue their upward trend in Murfreesboro for 2016. This is on top of the significant growth seen last year. At the mid-way point (Jan.-June 2016), the number of single-family detached permits issued (529) was 102 units above the 427 units permitted in the first six months of June 2015. In addition, 207 single-family residential attached units were permitted through the first six months of 2016, compared to 159 in the same period in 2015.

This single-family growth reflects a healthy Murfreesboro economy and continued growth in housing in one of the fast-growing cities in the U.S.

"Strong demand for new homes in Murfreesboro continues in 2016 at a level not seen since before the recession," said City Planning Director Gary Whitaker. "The pace of home building growth in Murfreesboro continued to expand in the first half of the year and is expected to continue in the second half of 2016."

ADVERTISEMENT



Murfreesboro's housing growth has been on the rise since 2012 from 451 single-family detached units permitted to 589 in 2013, 647 in 2014, and 837 in 2015. The number of single-family detached units permitted in 2016 is expected to surpass the number permitted in 2015.

The Building & Codes Department issued an average of 88.2 single-family detached permits per month in the first six months of 2016 compared to an average 69.8 per month in calendar year 2015 and 53.9 per month in calendar year 2014.

ADVERTISEMENT



A tight supply of available lots for new homes continues. Lots Available for Construction in Murfreesboro dipped to 761 in June 2016. That's slightly higher than the 748 lots that were available at the end of 2015 but still lower than the 826 lots available in 2014, 984 in 2013, and 1,254 in 2012. Seven-hundred and sixty-one lots is far lower than the peak of 1,799 available lots in 2006 during the height of Murfreesboro's construction boom.

A recent national survey of home builder sentiment remained positive in June rising two points to 60. A sentiment above 50 is considered positive. The National Association of Home Builders (NAHB) survey indicated that builder confidence in the South rose 2 points to 61. Nationally, new home sales declined 6.0 percent in June to a seasonally adjusted annual rate of 551,000 units, still the highest since February 2008. New home sales are up 8.7 percent from a year ago. Meantime, home prices rose 5.4 percent in April, the most recent month reported by S&P/Case-Shiller 20-City Composite Index. A tight supply of homes for sale has pushed home values higher and continues to make affordability an issue, especially for first-time homebuyers.

Commercial permits also continue to trend higher with 28 new commercial developments permitted through June 2016 compared to 20 at the same period a year ago. New commercial permits increased to 40 in 2015 from 24 in 2014, 26 in 2013 and 17 in 2012. This increase in commercial development in Murfreesboro demonstrates growth in small business development in recent years as well as the introduction of regional and national chains into the market.

Growth in Murfreesboro's Building and Construction Activity

2012

2013

2014

2015

Single-Family (detached) Permits

451

589

647


837

New Commercial Permits

17

26

24

40

Lots Available for Construction*

1,254

984

826

748

*In 2006, at the height of Murfreesboro's construction boom, lots available peaked at 1,799.

Read more from:
News
Tags: 
2015, 2016, Murfreesboro, single family home permits increase, WGNS
Share: 
  Email   Print
Related Articles
Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: