Single-Family Construction Up 19% Statewide in Q2
PRESS RELEASE
For Immediate Release
Alicia Naleid, Director of Communications
(608) 242-5151 ext. 13
Single-Family Construction Up 19% Statewide in Q2
Many counties up in Q2 while several see decreases
July 29, 2024 – The latest new home construction numbers released by the Wisconsin Builders Association (WBA) shows new home construction is up 19 percent statewide.
The data, submitted by all municipalities across Wisconsin, shows 6,923 new home permits were pulled in the first and second quarters of this year, while 5,816 permits were pulled between January 1 and June 30 of 2023.
“If we compare second quarter data, we are up 4% this year compared to quarter two of last year,” said WBA President Jim Doering. “Any increase is positive for us given the challenging interest rates we continue to see.”
Green Lake, Pepin, and Pierce Counties have seen the most growth quarter over quarter, up 162%, 150% and 116%, respectively.
“Our National Association of Home Builders recently released that with mortgage rates averaging 6.92% in June, builder confidence is at its lowest reading since December 2023,” said WBA Executive Director Brad Boycks. “That said, with continued low existing home inventory, there is still a need for more home construction, and we are seeing that play out in these latest quarterly statistics.”
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About the Wisconsin Builders Association
The Wisconsin Builders Association is a professional trade association comprised of 21 local associations dedicated to helping members build communities around the state. We advocate the interests of 4,000 home building industry members to keep housing affordable and accessible for Wisconsin families, Protecting the American Dream for over 75 years.