Billings Single Family permits vs. nationally

What does recovery in single family new construction look like?

When you listen to press you would think that single family new construction Nationally had recovered and is humming along. So I thought it might be useful to see visual as well as number wise where single family new home has been, where it is, then look at the Billings market and compare.

1^st the graph below shows Nationally single family permits since January 1^st 2005, was the peak year in single family permits nationally.

#1 the peak was September of 2005, the single family permits were issued at the rate of 1,798,000 homes per year

#2 the bottom was January 2009 at the single family permits were issued at the rate of 337,000 homes per year

#3 the average number of permits for the fifty years before the peak, single family permits issued at the rate of 934,000 homes per year

#4 the latest report for January 2013, single family permits were issued at the rate of 584,000 homes per year

So doing some quick math it shows

#1 single family permits off 67.5% from the peak 2005

#2 single family permits off 37.47% from the fifty year average

#3 single family permits up 42.29% from the Bottom of 2009

So while an impressive bounce from the bottom, the question would be how would you be doing if? 

#1 your personal income was 37.47% below your lifetime average or

#2 your personal income was 67.5% below your highest year of earning

Based on the information above how would you answer

Is the National single family construction market healthy or is mired in recession (depression)?

With the discussion of the national single family construction market in your mind now we turn to Billings Montana and ask ourselves the same questions

1^st the graph below shows Billings single family permits since January 1^st 2005, 

#1 In Billings 2005, the single family permits were issued at the rate of 450 homes per year

#2 the bottom was 2011 at the single family permits were issued at the rate of 197 homes per year

#3 the latest full year report for 2012, single family permits were issued at the rate of 355 homes per year

#4 The February year to date 2013 report, single family permits were issued at the rate of 56 homes

So doing some quick math it shows #1 single family permits fell 56.22% from the peak 2005

#2 single family permits in 2012 still off 21.11% from the peak year

#3 single family permits up 44.22% from the Bottom of 2011

#4 single family permits up 31.03% when compared to the first two months of 2005

So now we ask similar questions, how would you be doing if in Billings?              

#1 your personal income in 2012 was off 21.11% from your highest year

#2 your personal income was starting 2013 up 31.03% from your highest year of earning

Based on the information above how would you answer the question?

Is the single family construction market in Billings healthy and is this similar to what a healthy national single family construction market would look like?