Lubbockites remodeling instead of building new homes - KCBD NewsChannel 11 Lubbock

7/12/09

Lubbockites remodeling instead of building new homes

By James Clark | email

LUBBOCK, TX (KCBD) - Some bad and good news for our local economy; Lubbockites aren't building new homes like they use to.   Home construction permits are down more than 25 percent this June from June of last year.   "New housing starts" are an important economic indicator.

New housing starts in Lubbock from January through June are also down more than 22 percent as compared to that same time last year.  

On the bright side, additions and remodeling jobs are seeing more action.   There was a 663% increase from June of this year to June of last year.  

While Lubbock's construction industry is seeing more business in terms of new additions and remodeling,  the total taxable value of all construction in Lubbock, is barely up in June as compared with June of last year; less than one percent.  

Taxable value of all construction for the entire year is down more than 35 percent.

 

Single Family

June 2009:

77

-25.24%

June 2008:

103

Jan - Jun 2009:

347

-22.20%

Jan - Jun 2008:

446

Addition/Remodel

June 2009:

611

663.75%

June 2008:

80

Jan - Jun 2009:

1,327

156.67%

Jan - Jun 2008:

517

Total Construction (number of permits)

June 2009:

748

204.07%

June 2008:

246

Jan - Jun 2009:

1,994

53.03%

Jan - Jun 2008:

1,303

Total Valuation (estimated taxable value)

June 2009:

$35,071,056

0.97%

June 2008:

$34,733,679

Jan - Jun 2009:

$174,306,829

-35.43%

Jan - Jun 2008:

$269,937,549

Sources

http://buildinsp.ci.lubbock.tx.us/pdf/statistics/FY07-08/06June.pdf

http://buildinsp.ci.lubbock.tx.us/pdf/statistics/FY08-09/06June.pdf

 

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