New home construction projections up in Huntley
HUNTLEY – For the second consecutive year, new home construction in Huntley already has surpassed the village’s estimates by the midpoint of the year.
The village has issued about 100 building permits through the summer for residential construction, which represents more than $535,700 in village revenue, despite officials expecting to receive $450,000 from building permits for the entire year.
A similar dynamic happened last summer, when the village exceeded its building permit revenue for 2012 by about $91,500. Despite the heightened construction activity, the village will continue its conservative budgeting approach while the housing market recovers, Village Manager Dave Johnson said.
“We continue to be cautious with it,” Johnson said. “But we think it is a good sign for our community that people are investing their life savings and electing to live here.”
The village’s construction activity so far this year primarily has been within the Talamore subdivision, but developers also have invested construction dollars in the village’s Covington Lakes and Lion’s Chase subdivisions.
Of the 101 permits issued this year, 81 have been for single-home construction and 20 have been for town homes, Johnson said.
Although the activity exceeded the village’s expectations, new home construction this year still remains far lower than the village’s boom years before the housing market collapse in 2008.
In 2007, the village saw about $1.7 million in revenue from building permits before it dropped to $900,000 in 2008, village documents show. Building permit revenue supports the village’s infrastructure projects throughout a given year.
Across the nation, building permits for residential units through July have increased by 12.4 percent from July 2012, according to newly released data from the U.S. Census Bureau.
Despite the pickup in home construction, new home sales in the United States dropped 13.4 percent in July, the steepest monthly decline in more than three years, according to another census report released Friday.