Yes

Actions

Housing Permits in Michigan Continue Their Upward Trend

National study shows new homes bring $4.25 billion in income
Web_Promo_Image_960x720.png
Posted at 2:09 PM, Sep 02, 2020
and last updated 2020-09-02 14:09:29-04

LANSING, Mich. — Housing permits for single-family homes in Michigan continue to trend upward. A total of 1,667 permits for new single-family housing were issued in July of 2020 compared to 1,378 in July of 2019. A total of 7,695 single-family home permits have been issued across Michigan, from January through July 2020.

“As expected but perhaps surprising to some, we continue to see a rise in permit numbers,” said Bob Filka, CEO of the Home Builders Association of Michigan. “Our state has a serious housing shortage, and the fact that the permit numbers are on the rise, despite a pandemic-related shutdown and an economic downturn, indicate that demand for housing is extemely strong.”

A study by the National Association of Home Builders shows that the home building industry has a tremendous economic impact in our state. Construction of 15,634 new single-family homes in 2019 created:

- $4.25 billion in income for Michigan residents

- $836.4 million in taxes and other revenue for the state and local governments

- 54,372 jobs in the State of Michigan

The additional, annually recurring impacts of building these homes in the State of Michigan include $688.6 million in income, $209.4 million in taxes and other revenue for the state and local governments, and 11,166 jobs. These are ongoing, annual local impacts that result from the new homes being occupied, and the occupants paying taxes and otherwise participating in Michigan’s economy year after year.

“It is clear that housing is an essential part of our state’s economy,” noted Filka. “But the lack of housing in affordable price ranges continues to hurt our current and future economic growth. Last week HBAM, along with numerous community, economic development and non-profit organizations called for a bi-partisan policy initiative to address our state’s growing housing crisis. We are hopeful that the coalition’s recommendations (found at hbaofmichigan.com/#/housing-call-to-action) will lead to sensible solutions to this ongoing crisis.”

Want to learn more about great things happening in mid-Michigan? Visit the FOX47News Website.

Stay in touch with us anytime, anywhere.

Download our free app for Apple and Android

and

Sign up for newsletters emailed to your inbox.

Select from these options: Breaking News, Severe Weather, School Closings, Daily Headlines and Daily Forecasts.

Follow us on Twitter

Like us on Facebook