Home construction, traditionally one of the largest sectors of Clark County’s economy, continued to pick up speed in October, according to figures released Thursday.
Experts say the 84 percent year-over-year increase in the county’s October housing starts stemmed from dwindling supplies of new and existing houses for sale and historically low mortgage interest rates. In unincorporated Clark County, builders were issued 61 permits last month by Clark County’s Community Development Department to construct single-family homes valued at $19.3 million total. The figure compares with 33 permits valued at $11.3 million in October 2011.
Last month was the ninth consecutive month showing a year-over-year increase in Clark County housing permits. The county has issued 494 permits to build single-family houses valued at $157.5 million in the first 10 months of this year. While up significantly from the 296 permits valued at $101.5 million issued in the first 10 months of 2011, Clark County’s 2012 housing starts are still well below the height of the market. For example, the county issued 1,102 home permits valued at $235.5 million in the first 10 months of 2007.
Housing industry professionals say this year’s figures indicate a return to near-normal production in Clark County, where the economic downturn and profound housing slump caused homebuilding to fall well below historical averages
