In the first quarter of 2016, the Metro Atlanta area is solid with a 32% increase in housing starts in comparison to Q1 2015.
Metro Atlanta is having a great start to 2016 when it comes to residential construction. Just last month, the Atlanta Business Chronicle reported that Metro Atlanta’s home prices are growing every year. Based on a recent S&P/Case-Shiller Home Price Indices, home prices were reported to be up 5.7% year over year which is higher than the national growth rate. Along with home prices, new residential construction activity also increased in the first quarter of the year. According to the latest HBW permit report, there are more than 5,000 new residential construction permits on file for Q1 in the Atlanta area, a 32% increase from the same time last year; of the 5,017 housing starts on file with HBW, approximately 4% of them represent homes valued over $500k.
The counties with the greatest amount of growth in comparison to the same time last year include: Bartow (+300%); Clayton (200%); Dawson (167%); and Walton (161%). Although these counties show massive growth in the first quarter, the number of total housing starts are slim in comparison to other counties in Metro Atlanta.
Counties with the highest concentration of new residential construction, and therefore the most new permits on file with HBW, also reflect growth for the start of the year. Taking a look at Gwinnett County, there was a marked increase in new residential construction of 24% in comparison to Q1 2015. With 881 housing starts in the first quarter of 2016, Gwinnett holds the top spot for total new residential construction permits in Metro Atlanta. Forsyth County was close behind and second highest with nearly 800 housing starts – a 30% increase in comparison to the same time last year. Next in line is Fulton County, and although Fulton County is in third with 500 housing starts, it is the county with the most new homes valued over $500k. Nearly 17% of the starts in Fulton are for higher value (>$500k) homes, and overall the area has experienced a 24% increase in new residential construction over Q1 of last year.
Just behind Fulton County and in the fourth top spot is Cherokee County. Cherokee County is up 59% (vs. Q1 2015) with 476 housing starts on file. Finally, the county holding in at fifth for total new residential permits also saw the greatest amount of growth in the top five. In the first quarter of this year, Dekalb County experienced an astounding 95% increase in comparison to Q1 of last year with 337 housing starts. Over the past five years, Dekalb has consistently reflected huge leaps in residential construction activity, with the percentage of growth doubling year after year.
Information utilized for the graphs and above listed figures was directly derived from HBW construction data reports. To gain access to the HBW database and receive custom and detailed reports on the latest building activity in Georgia, Florida, Texas, Alabama, and Oklahoma, please contact HBW for details.