For the Tomahawk Leader
WISCONSIN – The latest new home construction numbers from year-end 2022 show a slight decrease compared to those of 2021, according to the Wisconsin Builders’ Association (WBA).
WBA said on Thursday, Feb. 2 that the data, submitted by all municipalities across Wisconsin, shows 11,326 permits were pulled statewide between Jan. 1 and Dec. 31, 2022, 3% less less than the 11,711 permits pulled during 2021.
“We’re pleased with these year-end numbers, after a slow start the first half of the year,” said WBA President Mike Howe. “At the culmination of the second quarter, we were down 24% compared to the second quarter of 2021, so to recover from that so quickly is great news for the industry.”
“While down slightly compared to 2021, Wisconsin numbers are still above those nationally, with the National Association of Home Builders recently reporting single-family starts ending the year down more than 10%, its first annual decline since 2011,” WBA stated.
“Low mortgage rates in 2021 tremendously aided the home building industry, as they helped offset high material prices,” said WBA Executive Director Brad Boycks. “The interest rates of 2022 really impacted existing home sales, along with home building. Simply put, homeowners could no longer afford mortgages on homes they may have been able to afford just a year earlier.”
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 70 years,” WBA said.