 |
|
|
|||||
|
|
June 15, 2006 Housing Demand in North Dakota Continues In 2004, the number of North Dakota building permits totaled 4,033, reaching the largest number in the past 26 years, except 1983, when the total reached 4,364. In 2005, the number of North Dakota building permits remained relatively unchanged, totaling 4,038, an increase of five from 2004. “This sustained, high level of authorized housing construction underscores the continued strength of the state’s economy and the increased demand for housing,” says Richard Rathge, North Dakota State Data Center director. This month’s “Economic Briefs,” a monthly publication from the State Data Center at North Dakota State University, focuses on the number and construction value of housing units authorized for construction through building permits in North Dakota. The growth in North Dakota’s housing construction activity is best illustrated by contrasting the number of building permits issued in 2000 with 2005. Statewide, there was a near doubling of building permits, jumping from 2,130 to 4,038. A similarly dramatic increase during that five-year period was found in Cass County (1,079 to 2,047), Grand Forks County (63 to 501), Stark County (34 to 144) and Morton County (93 to 185). In 2005, single-family homes were the majority of new authorized housing in North Dakota (58.6 percent). This proportion is down from 62.5 percent in 2004. The construction value per single-family home in North Dakota averaged $147,836 in 2005. Nationally, the price of a single-family home averaged $169,117 in 2005. Despite being the majority of all authorized housing (58.6 percent), the number of single-family homes authorized for construction dropped 6.1 percent between 2004 and 2005 in North Dakota (from 2,521 to 2,367 units). At the same time, homes in multiple-unit structures authorized for construction increased 10.5 percent (1,512 to 1,671 units). Florida, Texas and California continue to capture approximately one-third of all new housing units authorized for construction in the U.S. (32.6 percent in 2005). ### Source: Richard
Rathge, (701) 231-8621, richard.rathge@ndsu.edu
Click
here for a PDF version of this publication. (401Kb pdf file) |
Market Advisor: |
|
North Dakota State University |
