New housing construction in Connecticut jumped by 40.1% in March thanks to significant homebuilding activity in New Haven.
There were 562 single- and multifamily permits issued last month in 104 towns and cities, up from 401 in March 2019, according to the state Department of Economic and Community Development (DECD), citing U.S. Census Bureau data. More than half of those permits, or 306, were issued in New Haven, DECD said.
Activity in New Haven helped the state avoid a year-over-year decline in new housing starts in March, which fell 22% nationwide compared to February because of the severe economic impact caused by health restrictions and general uncertainty from the coronavirus pandemic.
In fact, the Census Bureau last week reported that permits in all four geographical segments in the country were down last month, led by a 43% plunge in the Northeast, which is getting hit hardest by the health crisis.
Among communities sampled in Connecticut, the most permits were issued last month in New Haven, Stamford (33 permits issued), Shelton (31) and Milford (13).
On a year-over-year basis, new housing permits in Connecticut have increased for eight consecutive months, DECD data shows.
Last week, Greater Hartford’s homebuying market also scored a bit of good news as a report showed that single-family home sales in March rose 10.2% compared to a year earlier. Median prices for homes also increased last month to an average of $244,450, up almost 4% from $235,500 in March 2019.
A CNN report contributed to this story
