NC Today and What It Means: Residential Building Permits

The NC Today dashboard serves as a monthly update on statewide labor market and economic conditions. But what do the numbers mean? Using the March 2022 update, this second blog post in a series of four provides context to statewide residential building permits.

Author: Chi Wong

Source: US Census Bureau

Residential housing construction is associated not only with the health of the housing and construction market, but also other forms of economic activity and measurement (e.g. consumer confidence, increases in consumers’ financial well-being). Because permits are approved 3-6 months ahead of construction, residential building permits are a leading indicator for the NC economy; the more permits approved, the better the outlook. The seasonally adjusted number of permits for March 2022 was 8,312, which continues the increase in permits that began in November 2008 and represents the highest level of residential permits since July 2006.

The next entry in this series will provide similar background for NC taxable retail sales as of the March 2022 update. To access the previous post on total private average weekly earnings, click here.

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