Description of the 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 the value of new construction built are indicators of the strength of a region’s housing market. The number and types 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 225 building permits in 2024, a 9.8 percent increase from the previous year, but an 88.1 percent decrease from record highs documented a decade prior. New construction costs for the county have increased by 10.6 percent from 2023 to 2024. Luzerne County issued 301 building permits in 2024, an 8.3 percent increase from the previous year but a 54.9 percent decrease from record highs recorded in 2007. The value of new construction costs has increased by 6.8 percent from 2023 to 2024.
Wayne County also experienced an increase in the number of permits issued. The county issued 175 building permits in 2024, a 12.9 percent increase from the previous year, but still a 39.7 percent decrease from record highs in 2007. The county’s new construction costs increased 14.4 percent from 2023 to 2024. Wyoming County issued 21 building permits in 2024, a 32.3 percent decrease from the previous year and a 70.8 percent decrease from record highs in 2011. The value of new construction also decreased in 2024 by 37.5 percent.