Construction workers continue to slow down in North Texas suburbs such as Frisco, McKinney and Prosper.

Single-family home building permits fell 65% in McKinney, 64% in Frisco and 63% in Prosper in January compared to January 2022.

FRISCO, Texas. Workers are building many new homes in suburbs north of Dallas and Fort Worth, but builders have put many projects on hold that haven’t been started yet.

Single-family home building permits fell 65% in McKinney, 64% in Frisco and 63% in Prosper in January compared to January 2022.

While one month is not a trend, these losses come on the heels of double-digit percentage loss of building permits last year in many of the hotspots historically known for new construction in Dallas-Fort Worth.

According to data compiled by Addison-based Tomlin Investments, which tracks new home construction north of Dallas Fort Worth.

That means 1,326 homes received the required city building permits in Frisco last year, compared to 1,881 for all of 2021. McKinney permits are down to 1,258 in 2022, down from 1,720 in 2021. Prosper permits have been reduced to 967 homes from 1221.

In January of this year, the decline continued also in Princeton and Anna, which fell by 74% and 84%, respectively, compared to January 2022. Princeton permits fell 41% for all of 2022, to 1,041 homes, while Anna’s permits fell 23% in 2022. , a total of 867 houses.

The sharp increase in mortgage rates in 2022 has led to a drop in demand for new homes, and developers have suspended or reduced construction due to lack of demand.

There were exceptions to the decline in North Texas in 2022, including Denton, Melissa and Little Elm.

In Denton, permits rose 28% to 1,227 homes in 2022 from 955 in 2021. Melissa grew 13% to 906 homes from 801 in 2021. Little Elm had slightly more, with 1,295 new home building permits in 2022, up from 1,292 in 2021.

In January of this year, the number of Denton approvals decreased by 44% compared to the total in January 2022 (from 209 to 117). Building permits in Melissa fell by 67% (from 89 in January 2022 to 29 in January 2023). Little Elm also fell in January, down 56% from January 2022 (from 82 in January 2022 to 36 in January 2023).

In all of 2022, North Texas builders started building 48,756 homes, down 16.2% from 2021, according to Dallas-based residential analyst Residential Strategies Inc..

A decline in building permits in 2022, which fell particularly hard at the end of the year, will mean a slow start to this year and likely slow construction throughout the year, given still high mortgage rates, said Ted Wilson, director of Residential Strategies. . , in a report prepared by his company.

Content Source

Dallas Press News – Latest News:
Dallas Local News || Fort Worth Local News | Texas State News || Crime and Safety News || National news || Business News || Health News

texasstandard.news contributed to this report.

Related Articles

Back to top button