Lubbock Home Construction Rebounded Sharply Since 2011

Construction permits for single-family homes were up 42%
LUBBOCK, TX -- With less than a week left in the 2013 calendar year, final annual construction numbers for Lubbock are not yet available. But for the period January through November, construction permits for single-family homes were up 42% compared to the same time period last year. New home permits have almost doubled compared to the same period in 2011.

New home construction is an important measure of economic health because it affects the construction industry along with retailers of carpet, furniture, appliances and other goods associated with new homes.

The taxable value of all new construction – including residential and commercial – was also up from $423,365,342 in the first 11 months of last year to $444,461,523 for the same time period this year. That’s just short of a 5% increase.

Some of the construction permits for new homes are very pricey. Nine new homes in November have an estimated taxable valuation in excess of $500,000.
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