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Housing Units Approved Up 16.4%, But Value Of All New Construction Permits For First Five Months Of The Year Down 5%
BY JOSE L. CARMONA
August 9, 2001
According to Regulations and Permits Administration (ARPE) records, the number and value of all construction permits for the first five months of 2001were down 0.55% and 5.07%, respectively, when compared to the same period last year.
The numbers, an indication of future construction activity, come in the midst of widespread sentiment in the industry that construction activity has slowed down considerably in the first half of this year.
But it appears that housing construction will remain an exception. The 9,235 new housing units approved for construction from January to May 2001 reflects a 16.4% increase when compared to 2000s total of 7,951 for the same period.
The boost apparently comes from low and middle-income housing projects because the value of those housing permits show a drop compared to last year. Value of new housing units for the first five months of 2000 amounted to $410.8 million--2.9% greater than this years total of $398.6 for the same period.
The total number of all construction permits from January to May 2000 amounted to 3,808, while the total for the same period this year was 3,787a 0.55% drop.
Value of construction permits from the same period in 2000 was $1.109 billion, while the amount from January to May 2001 was $1.052 billiona 5.07% decrease.
When accumulated totals from fiscal year (FY) 2000 and FY 2001 are compared (from July to May), the numbers indicate that most construction permitting for FY 2001 took place in the first six months of the year, i.e., July through December 2000.
The number of construction permits (from July 2000 to May 2001) for FY 2001 was 8,109, while the number for the same period in FY 2000 was 7,884a 2.85% increase.
The value of construction permits (from July 2000 to May 2001) for FY 2001 was $2.8 billion, while the number for the same period in FY 2000 was $2.2 billionan increase of 30.75%.
Value of new housing units for FY 2001 (July 2000 to May 2001) was $892.4 milliona 12.47% increase over the same period in FY 2000s $793.4 million.
Number of new housing units (from July 2000 to May 2001) for FY 2001 was 19,095, while the number for the same period in FY 2000 was 15,986.
This Caribbean Business article appears courtesy of Casiano Communications.