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The Demise of the Construction Industry

(source: John Burns Real Estate Consulting)

“Construction in some really big markets has died, but we found a number of surprises when we decided to rank the Top 20 markets compared to the national peak in 2005.

Our takeaways:
— A Sliver of its Former Self
We estimate that 2009 total permits for the nation’s Top 20 markets will be down 79% from the peak.
— Same As It Ever Was, except in Florida
Fifteen of 2005’s top 20 metros still show up somewhere on the current list. Those that fell off the list are Miami, Orlando, Fort Myers, Minneapolis and Chicago. Newcomers include Salt Lake City, Virginia Beach, Seattle, Raleigh-Cary and Indianapolis.
— Texas Remains Tops in Good Times and Bad
Five major Texas metros remain in the top 20, but they did so by “only” declining 64% from the peak. However, Houston, Dallas and Austin are now among the country’s Top 5 in permitting, replacing Atlanta, Phoenix and Chicago.”

Top 20 Markets Ranked by Total Permitting