Building permits drop
July 18th, 2007, 10:17 am · Post a Comment · posted by mistywilliams
Nationwide, builders took out new home permits at a seasonally adjusted annual rate of 1.4 million — a 7.5 percent decline from May and 25.2 percent drop from the same month last year.Construction of new homes has also taken a major hit in the Valley, as builders pause and reevaluate their next steps. They’ve suffered not just from the housing downturn but also tightening lending standards, resulting from the subprime mortgage meltdown.Still, building activity hasn’t come to a complete hault. Several new, smaller projects are being planned for Scottsdale in the McDowell mountain preserve area, along with other subdivisions across the East Valley.Office and industrial developments are also on the rise, especially in the areas near the Chandler and Scottsdale airparks.
