DETROIT, MI (WXYZ) — Spending on residential construction has spiked across the country, and in cheaper areas like those found in the Midwest, the housing market has taken on a new appeal. With more residents working from home and transitioning to make this lifestyle permanent, the demand for housing is high, but supply is low. So many construction companies have picked up the shovel to meet demand.
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According to a new report from ConstructionCoverage.com, in the Metro Detroit area, the total value of new residential building permits has increased to $530.3 million; that's a 44.2% jump from $367.7 million in 2020. Out of all of the large U.S. metro areas, Detroit spent the 10th most on residential construction, according to the study.
Here is a summary of the data for the Detroit-Warren-Dearborn, MI area according to ConstructionCoverage.com:
- Percentage change in value of new residential building permits: +44.2%
- Total change in value of new residential building permits: $162,665,000
- Value of units authorized in 2021 Q1: $530,328,000
- Value of units authorized in 2020 Q1: $367,663,000