COVID-19 continues to negatively affect all stages of housing construction. Recent data from the U.S. Census Bureau showed an unprecedented drop in residential building permits comparing April of this year to April of 2019.
Nationally, there was a 20% decline in new housing units authorized by building permits, a drop that represents nearly $4.4 billion in value, reports The Bradenton Times.
The state issued 12,223 building permits for new residential units in April this year, representing a 15.8% decline compared to last year.
Meanwhile, the Northeast part of the country is experiencing the sharpest drop in residential construction, with a 52.2% decline in permits and a 51.8% decline in the estimated value, according to the report.