Homebuilding activity plummets

newhomeinsideHomebuilding activity has fallen 30% in the Richmond Metro Area compared to last year.

According to Inside Business, a business news weekly in Hampton Roads, the slow-down is more pronounced in single-family housing, where permits for new homes fell from 4,490 through August of 2007, to 3,080 for the same period of 2008, or a drop of 32%.

That’s more than twice the slow-down seen in Virginia Beach-Norfolk-Newport News but about the same as Charlottesville.

Permits in the Richmond Metro Area for multifamily homes fell 25% from 720 (January through August) in 2007 to 540 for the same period in 2008.

Permits in Roanoke fell 6 %.

Click here to read a September Sept. 17, BizSense Q&A with the president of the Richmond Home Builders Association, Gray Stettinius.

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