PROVIDENCE – Citing recently released U.S. Census Bureau data, WPRI-TV CBS 12 reported May 1 that new housing units authorized for construction in Rhode Island surpassed 1,000 in 2016 for the first time since the Great Recession.
According to an annual Census survey, 1,226 building permits were issued in the Ocean State last year, a jump from the 998 in 2015. While it was nearly double the low of 700 in 2011, it was still less than half of the 2,836 recorded during the housing boom in 2005.
Census data show single-family-home building permits in Rhode Island also nearly doubled the low of 571 in 2011, reaching 919 in 2016.
According to the Rhode Island Association of Realtors, the median price of a single-family home rose approximately 2 percent in March, to $235,000, compared with $206,000 in March 2015 and $175,000 in March 2012, WPRI-TV reported.