N.C. home construction jumps 48 percent

Posted on March 18, 2013

Numbers of housing permits, an indicator of pending residential construction, jumped by 48 percent in 2012 in North Carolina, the Federal Deposit Insurance Corp. said in a new report.

The total number of single- and multi-family units grew to 47,828 from 32,400 in 2011, the FDIC says.

Of the 2012 total, 62 percent were single-family homes, and 38 percent while 38 percent were in multi-family buildings.

The Washington-based banking regulator routinely monitors housing activity, along with wage and labor conditions and bankruptcy trends, to help in assessing overall banking conditions.

In other FDIC findings for the Tar Heel state in 2012:

•Total home mortgage delinquencies fell to 8 percent of total loans by the end of 2012, from 8.5 percent of all mortgage loans at the close of 2011.

•North Carolina’s median family income of $57,800 was 11 percent lower than the national median of $65,000.

•Total payroll employment in the state grew 1 percent last year, below the national growth rate of 1.7 percent.

• Government payrolls shrank by 0.2 percent in the state in 2012, compared with the prior year.

Lee Weisbecker, Triangle Business Journal.