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Camden County – Building Permits 2023

Construction Word Cloud

Building permits serve as a critical indicator of economic health, reflecting trends in construction, real estate, and broader economic activity. Governments, investors, businesses, and policymakers closely monitor building permit statistics because they provide valuable insights into future economic growth, employment, investment patterns, and urban development. Understanding the economic impact of tracking these permits is essential for informed decision-making at both macro and microeconomic levels.

  1. Leading Indicator of Economic Growth Building permits are a leading economic indicator, meaning they signal future economic activity before it materializes. When permit approvals rise, it suggests that developers and homeowners are planning new construction projects, which will lead to increased spending on labor, materials, and services. This activity stimulates economic growth by:

    • Boosting GDP: Construction contributes significantly to Gross Domestic Product (GDP). Increased permits indicate upcoming investments in residential, commercial, and infrastructure projects, driving economic expansion.
    • Encouraging Multiplier Effects: Construction generates demand for related industries, including manufacturing (steel, cement, lumber), transportation, and professional services (architecture, engineering). Each dollar spent in construction circulates through the economy, creating additional economic value.


  2. Employment and Labor Market Effects The construction sector is a major employer, and building permit trends directly influence job creation. Monitoring permits helps predict labor demand in:

    • Direct Construction Jobs (e.g., carpenters, electricians, plumbers)
    • Indirect Jobs (e.g., suppliers, equipment manufacturers, logistics)
    • Induced Jobs (e.g., retail, food services, real estate agents)


    A decline in permits may signal upcoming layoffs, while an increase suggests hiring surges. Policymakers use this data to implement workforce training programs or adjust fiscal policies to support employment stability.

  3. Real Estate Market Stability Building permits provide insights into housing supply and affordability. Key impacts include:

    • Housing Supply & Prices: A surge in residential permits can alleviate housing shortages, stabilizing or reducing home prices. Conversely, a permit slowdown may indicate future price increases due to constrained supply.
    • Commercial & Industrial Development: Permit trends for offices, warehouses, and retail spaces reflect business confidence. Rising commercial permits suggest economic optimism, while declines may signal downturns.


  4. Government Revenue and Public Planning Local governments rely on building permits for:

    • Tax Revenue: Permit fees, property taxes, and sales taxes from construction activities fund public services (schools, roads, utilities).
    • Infrastructure Planning: Permit data helps municipalities plan for transportation, utilities, and zoning adjustments to accommodate growth.
    • Regulatory Adjustments: Monitoring permits allows governments to identify bottlenecks (e.g., excessive delays in approvals) that may hinder economic development.


  5. Investment and Financial Market Implications Investors and financial institutions analyze permit data to:

    • Guide Real Estate Investments: Developers and REITs (Real Estate Investment Trusts) use permit trends to identify high-growth regions.
    • Assess Credit Risk: Banks evaluate loan applications based on construction demand; rising permits may indicate lower risk in mortgage and commercial lending.
    • Predict Commodity Demand: Building material suppliers and futures traders monitor permits to anticipate demand for lumber, steel, and other inputs.


  6. Economic Policy and Risk Management Policymakers use permit statistics to:

    • Adjust Monetary Policy: Central banks may consider construction trends when setting interest rates to control inflation or stimulate growth.
    • Mitigate Bubbles & Crashes: Rapid increases in permits may signal overheating (e.g., housing bubbles), while prolonged declines could foreshadow recessions.


Conclusion

Monitoring building permit statistics is vital for anticipating economic trends, guiding investments, and shaping policy. These permits influence GDP growth, employment, real estate dynamics, government revenue, and financial markets. By analyzing permit data, stakeholders can make proactive decisions that enhance economic stability, promote sustainable development, and mitigate risks. Ignoring these indicators could lead to misallocated resources, housing crises, or missed growth opportunities-underscoring the importance of vigilant tracking in economic planning.

 
Quarter
      Total Units
      Single-Family Units
      All Multi-Family Units
2-unit
3 / 4-unit
5+ unit
     
1997 Q1 95  bar 95  bar 0  bar 000
Q2 87  bar 87  bar 0  bar 000
Q3 132  bar 108  bar 24  bar 4020
Q4 83  bar 83  bar 0  bar 000
 
1998 Q1 54  bar 54  bar 0  bar 000
Q2 71  bar 66  bar 5  bar 005
Q3 86  bar 86  bar 0  bar 000
Q4 68  bar 68  bar 0  bar 000
 
1999 Q1 54  bar 49  bar 5  bar 005
Q2 156  bar 86  bar 70  bar 0070
Q3 108  bar 57  bar 51  bar 0051
Q4 80  bar 80  bar 0  bar 000
 
2000 Q1 28  bar 28  bar 0  bar 000
Q2 39  bar 39  bar 0  bar 000
Q3 79  bar 79  bar 0  bar 000
Q4 78  bar 61  bar 17  bar 0017
 
2001 Q1 42  bar 42  bar 0  bar 000
Q2 46  bar 46  bar 0  bar 000
Q3 43  bar 38  bar 5  bar 005
Q4 71  bar 66  bar 5  bar 005
 
2002 Q1 54  bar 54  bar 0  bar 000
Q2 81  bar 52  bar 29  bar 0029
Q3 70  bar 46  bar 24  bar 2022
Q4 109  bar 103  bar 6  bar 006
 
2003 Q1 152  bar 51  bar 101  bar 00101
Q2 57  bar 52  bar 5  bar 005
Q3 511  bar 75  bar 436  bar 20434
Q4 186  bar 181  bar 5  bar 005
 
2004 Q1 67  bar 67  bar 0  bar 000
Q2 122  bar 117  bar 5  bar 005
Q3 174  bar 107  bar 67  bar 04522
Q4 92  bar 80  bar 12  bar 0120
 
2005 Q1 117  bar 106  bar 11  bar 0011
Q2 197  bar 109  bar 88  bar 03553
Q3 282  bar 79  bar 203  bar 00203
Q4 77  bar 72  bar 5  bar 005
 
2006 Q1 129  bar 50  bar 79  bar 0079
Q2 85  bar 82  bar 3  bar 030
Q3 128  bar 128  bar 0  bar 000
Q4 43  bar 38  bar 5  bar 005
 
2007 Q1 54  bar 48  bar 6  bar 006
Q2 50  bar 39  bar 11  bar 0011
Q3 55  bar 46  bar 9  bar 045
Q4 52  bar 35  bar 17  bar 2015
 
2008 Q1 36  bar 29  bar 7  bar 007
Q2 172  bar 65  bar 107  bar 18089
Q3 50  bar 32  bar 18  bar 0018
Q4 46  bar 36  bar 10  bar 0010
 
2009 Q1 14  bar 9  bar 5  bar 005
Q2 24  bar 24  bar 0  bar 000
Q3 28  bar 28  bar 0  bar 000
Q4 33  bar 28  bar 5  bar 005
 
2010 Q1 18  bar 13  bar 5  bar 005
Q2 38  bar 31  bar 7  bar 205
Q3 87  bar 25  bar 62  bar 6200
Q4 29  bar 16  bar 13  bar 0013
 
2011 Q1 15  bar 15  bar 0  bar 000
Q2 119  bar 6  bar 113  bar 00113
Q3 13  bar 13  bar 0  bar 000
Q4 61  bar 23  bar 38  bar 0038
 
2012 Q1 55  bar 15  bar 40  bar 0040
Q2 94  bar 27  bar 67  bar 0067
Q3 117  bar 22  bar 95  bar 0095
Q4 40  bar 30  bar 10  bar 0010
 
2013 Q1 38  bar 13  bar 25  bar 0025
Q2 65  bar 42  bar 23  bar 0023
Q3 85  bar 37  bar 48  bar 2046
Q4 123  bar 29  bar 94  bar 8086
 
2014 Q1 68  bar 16  bar 52  bar 0052
Q2 68  bar 20  bar 48  bar 2046
Q3 101  bar 22  bar 79  bar 2770
Q4 70  bar 36  bar 34  bar 6325
 
2015 Q1 84  bar 11  bar 73  bar 6067
Q2 113  bar 17  bar 96  bar 6090
Q3 45  bar 22  bar 23  bar 0023
Q4 71  bar 23  bar 48  bar 6042
 
2016 Q1 56  bar 19  bar 37  bar 0037
Q2 42  bar 21  bar 21  bar 6015
Q3 62  bar 21  bar 41  bar 2039
Q4 56  bar 15  bar 41  bar 0041
 
2017 Q1 133  bar 10  bar 123  bar 00123
Q2 167  bar 25  bar 142  bar 00142
Q3 118  bar 11  bar 107  bar 00107
Q4 62  bar 11  bar 51  bar 2049
 
2018 Q1 7  bar 7  bar 0  bar 000
Q2 30  bar 18  bar 12  bar 0012
Q3 41  bar 10  bar 31  bar 0031
Q4 194  bar 99  bar 95  bar 0095
 
2019 Q1 195  bar 23  bar 172  bar 00172
Q2 27  bar 10  bar 17  bar 0017
Q3 150  bar 135  bar 15  bar 0015
Q4 27  bar 19  bar 8  bar 035
 
2020 Q1 44  bar 19  bar 25  bar 0025
Q2 94  bar 17  bar 77  bar 0077
Q3 63  bar 34  bar 29  bar 0029
Q4 110  bar 74  bar 36  bar 2628
 
2021 Q1 49  bar 18  bar 31  bar 0031
Q2 166  bar 29  bar 137  bar 00137
Q3 20  bar 20  bar 0  bar 000
Q4 98  bar 27  bar 71  bar 0368
 
2022 Q1 48  bar 20  bar 28  bar 6022
Q2 221  bar 37  bar 184  bar 00184
Q3 80  bar 44  bar 36  bar 0036
Q4 33  bar 20  bar 13  bar 0013
 
2023 Q1 149  bar 17  bar 132  bar 20130
Q2 90  bar 17  bar 73  bar 0073
Q3 49  bar 17  bar 32  bar 0032
Q4 63  bar 10  bar 53  bar 0053
 


Sources: STI: PopStats and STI: Colossus