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Everything's Bigger in Texas: The Lone Star State Leads the Nation for Second Straight Year in Single-Family Permits
The Lone Star State takes the prize, according to our revised ranking of metro areas that pulled the most single-family permits during 2012. Houston and Dallas remained the front-runners for the second year in a row, at numbers one and two respectively. Phoenix gained some ground, rounding off the top three. The Southeast ramped up activity, with 7 metros placing in the top 20 list.
Source: John Burns Real Estate Consulting LLC, Census Bureau (Dec. 2012)
Earlier this week, we discussed labor as a contributor to the gap between starts and completions. This week we are pointing to bottlenecks in the supply chain as another part of that equation. Until the systems that produce and distribute materials to the industry are running smoothly, builders should expect extended build time and higher costs to build.
That said, the road leading out of a downturn is rarely a smooth one. One head-scratcher many of our clients have been struggling to understand is the delay between starts and completions. The chart below shows the difference in growth rates for starts and completions across the four major US regions.