A review of permit data for new home construction in the Metro Atlanta area during the first quarter of 2023
Based on HBW’s latest quarterly “Building Activity Trend Report” for new residential construction in the Metro Atlanta area, new home construction is off to a lagging start as of Q1-2023. In line with the annual decline in 2022, it appears that new home construction isn’t showing any signs of improvement in the Metro Atlanta area so far this year.
From January through March of this year, there have been 3,576 new residential construction permits added to the HBW database for Metro Atlanta, reflecting a 41 percent year-over-year decrease in permits. Out of the twenty-four counties reviewed and included in the report, more than 33 percent of all new home construction activity took place in three major counties as follows:
Gwinnett County – In the first quarter of this year, Gwinnett County carried the highest concentration of new home construction activity, having 549 new permits on record with HBW for the three-month period; this reflects a 33 percent year-over-year decrease in new residential construction activity.
Cherokee County – Cherokee County ranked #2 for new home construction during the first quarter of this year as there were 323 new permits on record with HBW for the three-month period. After last year’s annual increase in new residential construction activity in Cherokee County, there appears to be a major slowing of construction as there has been a 52 percent decline in total permits in comparison to the same time last year.
Fulton County – In Fulton County, there were 321 new residential construction permits added to the HBW database during Q1-2023; this figure reflects a 28 percent year-over-year decrease in new home construction.
As far as higher value residential construction (>$500k) is concerned, there have been approximately 350 new residential construction projects throughout the Metro Atlanta area added to the HBW database in Q1-2023. Nearly half of all higher value permits in the first quarter of this year originated from the counties of Fulton and Cherokee where there have been 76 permits and 85 new permits added to the HBW database respectively.
Information utilized for the above listed figures for Metro Atlanta residential construction was directly derived from HBW construction data reports. To gain access to the HBW database and receive custom and detailed reports on the latest residential and commercial building activity in Florida, Georgia, Texas, Alabama, and Oklahoma, please contact HBW for details.