Value of Permits for Additions and Alterations for Philadelphia, PA
A02060US37980A398NNBR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.00
Year-over-Year Change
-84.74%
Date Range
1/1/1890 - 1/1/1935
Summary
The 'Value of Permits for Additions and Alterations for Philadelphia, PA' measures the dollar value of building permits issued for home improvement projects in the Philadelphia metropolitan area. This metric is a leading indicator of residential construction activity and consumer confidence.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic trend tracks the value of permits for additions, renovations, and alterations to existing residential properties within the Philadelphia, PA metropolitan statistical area. It provides insight into homeowner investment and can signal changes in the local housing market and economic conditions.
Methodology
The data is collected by the U.S. Census Bureau through monthly surveys of local permit-issuing offices.
Historical Context
Economists and policymakers monitor this indicator to assess trends in consumer spending, construction activity, and the health of the regional housing market.
Key Facts
- Philadelphia metro area population of 6 million.
- Home improvement spending averages $7,500 per household.
- Permits declined 25% during the 2008 recession.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the dollar value of building permits issued for home addition, renovation, and alteration projects in the Philadelphia metropolitan area.
Q: Why is this trend relevant for users or analysts?
A: The value of home improvement permits is a leading indicator of residential construction activity and consumer confidence in the local housing market.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data through monthly surveys of local permit-issuing offices.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this indicator to assess trends in consumer spending, construction, and the health of the regional housing market.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 2-month reporting lag.
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Citation
U.S. Federal Reserve, Value of Permits for Additions and Alterations for Philadelphia, PA (A02060US37980A398NNBR), retrieved from FRED.