Daily News | 🏘️ Signs of slowing development | Morning Newsletter
The housing permitting slump comes after last year’s surge of more than 25,000 units of new housing approved for construction. That’s equivalent to several decades worth of new construction projects.Federal reserve interest rate hikes hit home builders, and construction costs rose due to supply chain and workforce troubles.
Developers raced to get permits by the end of 2021 to take advantage of the city’s 10-year tax abatement before a reduction took effect this year.Monthly permitting averages in Philly are off by about a third when compared to 2019 or 2020. The total unit count is projected to be the lowest since 2013.it’s hard to disentangle any one factor from the others and note that while permitting is slower than last year, it’s still close to pre-pandemic norms.
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