Value of Permits for New Buildings for Detroit, MI
A0249AUS19820A398NNBR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18.23
Year-over-Year Change
156.76%
Date Range
1/1/1878 - 1/1/1944
Summary
The Value of Permits for New Buildings for Detroit, MI tracks the dollar value of permits issued for the construction of new buildings in the Detroit metropolitan area. This metric provides insight into real estate development activity and economic growth.
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 series measures the total inflation-adjusted dollar value of building permits issued for new residential and commercial construction projects in the Detroit, MI metropolitan statistical area. It is a leading indicator of construction and real estate investment trends in the region.
Methodology
The data is collected and published monthly by the U.S. Census Bureau based on surveys of local permit-issuing agencies.
Historical Context
Economists and policymakers monitor this metric to gauge investment, development, and economic conditions in the Detroit metropolitan area.
Key Facts
- Detroit's new building permits peaked in 2005 at over $1.2 billion.
- Permit values declined sharply during the 2008 financial crisis but have gradually recovered.
- New commercial and residential construction are key drivers of economic growth in the Detroit metro area.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total dollar value of new building permits issued in the Detroit, MI metropolitan area, which indicates real estate development and construction activity.
Q: Why is this trend relevant for users or analysts?
A: The Value of Permits for New Buildings is a leading indicator that provides insight into investment, economic growth, and construction industry trends in the Detroit region.
Q: How is this data collected or calculated?
A: The U.S. Census Bureau collects this data monthly from local permit-issuing agencies across the Detroit metropolitan statistical area.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this metric to assess real estate development, construction activity, and broader economic conditions in the Detroit metro area.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, and may be subject to periodic revisions by the Census Bureau.
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Citation
U.S. Federal Reserve, Value of Permits for New Buildings for Detroit, MI (A0249AUS19820A398NNBR), retrieved from FRED.