PROVIDENCE – Single-family home building permits in Rhode Island cities and towns increased 6.5 percent in the second quarter, as 409 permits were issued, the Rhode Island Builders Association reports, although the increase was not enough to make up for a weak first quarter.
In the first six months of the year, the number of permits issued fell to 752, 5.9 percent fewer than in the first half of 2006, RIBA found.
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Twenty-three of Rhode Island’s 39 cities and towns showed a decrease in building permits in the first half of 2007, the group found. The largest decreases occurred in Jamestown, Barrington, Richmond and Providence, while the major increases came in New Shoreham (Block Island), Newport, West Greenwich, North Kingstown and Middletown.
“The housing market continues to show signs of cooling in response to past overheated conditions,” Roger Warren, RIBA’s executive director, said in a news release.
“Yet it is important to understand that this correction is leading us to a healthier market with greater choices of available stock and a better balance between buyers and sellers. Moreover, Rhode Island’s market is performing quite well in comparison to other parts of the country.”
The state’s underlying economy is quite healthy, he said, citing negative headlines as a possible factor in the continuing housing market slump.
“Rhode Island inventories are now closer to historic levels, and interest rates are still near historic lows,” Warren said. “We are beginning to see a more normal market.”
The Rhode Island Builders Association, with more than 1,400 member companies across the state, is one of the nation’s largest local trade associations serving the residential construction industry. For home improvement tips and other information, go to www.ribuilders.org.
