HOUSTON – Local apartment developers are working on fewer new projects in an oversupplied residential market.
Permits overall totaled $962.3 million in July, down 1.6 percent from last year, according to city data reported by the Greater Houston Partnership.
The value of residential permits dropped 61 percent to $161.2 million. Apartment building permit values fell 87 percent to $33.6 million while the value of single-family permits dropped 23 percent to $97.4 million.
In contrast, the value of nonresidential permits rose 40 percent to $801.1 million.
Year-to-date city building permits are down 8.6 percent to $4.4 billion.
The trends are tracked by Houston's Department of Public Works & Engineering Planning & Development Services division.
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