Home construction down, not out in Wake

WAKE COUNTY Despite those numbers a decrease in construction across the country, Serene Tudor sees new home construction in her Raleigh neighborhood.

Tudor lives near Renaissance Park in south Raleigh. The plan is for 1,100 homes and for now, that's still the plan.

Renaissance Park is bucking the trend because the empty lots are actually going to turn into houses. But in many places across Wake County, building has stalled.

"I ride around and look at a lot of subdivisions out in my area of the county out in eastern Wake County where there was a lot of homes being built," said Joe Bryan, Wake County commissioner. "Not seeing many, if any foundations."

The latest numbers reflect that. Between January and March, Wake issued 693 new home building permits. That's less than 250 a month.

For the same time last year, there were 1,593. In 2007, the county averaged close to 1,000 per month.

In most recent years, the county would receive about $20 million thanks to those permits. This year it will be closer to $5 million. Those figures are being factored into the current budget process.

"As we, I like to say, keep digging this hole for this economy, we're not down to the bottom yet," Bryan said. "Those numbers certainly today show a real slowdown."

The only good news is at least some projects are moving forward.

"I think the houses sell very fast, you know, over here," Tudor said.

That's more than can be said for many parts of the country.

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