Residential construction tumbles in the region
July 17, 2007
BY JOHN GALLAGHER
FREE PRESS BUSINESS WRITER
Southeast Michigan's residential construction declined by nearly 52% in the first six months of 2007, compared with the same period in 2006. Last year was the weakest for new housing construction in the area since 1984.
Housing Consultants Inc., a Clarkston-based firm that compiles and reports data on building permits, said that new residential permits issued in the greater Detroit area totaled just 2,980 for the first six months of this year, compared with 6,155 during the first half of 2006. The firm defines the region as Wayne, Oakland, Macomb, Washtenaw, Genesee, Livingston, Monroe, St. Clair and Lapeer counties.
Among those communities still seeing new construction, Macomb Township led with 226 residential permits issued through June 30, followed by Detroit with 183 and Washington Township with 164.
Richard Komer, president of Wineman & Komer, a Southfield building company, said a prolonged slump in residential real estate is creating a pent-up demand for new housing. If the contract talks set to start later this week among the UAW and General Motors Corp., Ford Motor Co. and Chrysler go well, that likely will be a positive sign and consumer confidence may return.
"We feel that people are going to break loose and start making some decisions on housing," he said Monday.
July 17, 2007
BY JOHN GALLAGHER
FREE PRESS BUSINESS WRITER
Southeast Michigan's residential construction declined by nearly 52% in the first six months of 2007, compared with the same period in 2006. Last year was the weakest for new housing construction in the area since 1984.
Housing Consultants Inc., a Clarkston-based firm that compiles and reports data on building permits, said that new residential permits issued in the greater Detroit area totaled just 2,980 for the first six months of this year, compared with 6,155 during the first half of 2006. The firm defines the region as Wayne, Oakland, Macomb, Washtenaw, Genesee, Livingston, Monroe, St. Clair and Lapeer counties.
Among those communities still seeing new construction, Macomb Township led with 226 residential permits issued through June 30, followed by Detroit with 183 and Washington Township with 164.
Richard Komer, president of Wineman & Komer, a Southfield building company, said a prolonged slump in residential real estate is creating a pent-up demand for new housing. If the contract talks set to start later this week among the UAW and General Motors Corp., Ford Motor Co. and Chrysler go well, that likely will be a positive sign and consumer confidence may return.
"We feel that people are going to break loose and start making some decisions on housing," he said Monday.
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