Description of Indicator
This indicator illustrates the number of building permits issued and annual construction costs.
Why is it Important?
The number of building permits issued in a year and value of new construction built are indicators of the strength of a region’s housing market. The number and type of permits issued can reflect housing development and direction. In addition, construction costs impact overall home values.
How is the region performing?
Lackawanna County issued 187 building permits in 2023, a 0.2 percent increase from the previous year but a 7.4 percent decrease from values recorded a decade prior. New construction costs for the county have increased by 6.9 percent from 2022 to 2023.
Luzerne County issued 231 building permits in 2023, an 18 percent decrease from the previous year but a 19.1 percent increase from values recorded a decade prior. The value of new construction costs has decreased by 10.7 percent from 2022 to 2023.
Wayne County also experienced an increase in the number of permits. The county issued 134 building permits in 2023, an 8.2 percent increase from the previous year and a 21.8 percent increase from values recorded a decade earlier. The county’s new construction costs have decreased by 5.4 percent from 2022 to 2023.