Fifty Most Active Apartment Construction Markets.Apartment construction moderated in the first half of this year. Permits for apartment units issued nationally declined 5 percent in the first half of this year from the same period a year ago--157,500 units versus 165,600. The decline in actual starts of apartment units was more pronounced than the drop in permits. Apartment unit starts declined 8 percent to 142,200 units from 154,400 units in 1999. Inventories of permits for apartments in turn rose modestly. The easing of the labors markets and the sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. is having some impact on the rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. apartment market. Nevertheless, most local rental markets remain relatively healthy. Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. continued to lead all local markets, by far, in apartment permits during the first half of this year. Permits were issued for 8,975 apartment units during the first half of this year. This was also up slightly from the 8,721 units recorded in the first half of this year. Atlanta has been the largest overall residential construction market for every year since 1990. Rental apartment vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates in Atlanta are rising and have moved up toward the 5.5 percent level and should move higher in response to its cooler economy. Atlanta still has positive employment growth but the rate of increase has dropped from a nation leading 112,000 jobs in 1999, to a less than 35,000 annual rate (ninth in the nation) by June June: see month. of this year. Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. moved back into the top five apartment construction markets during the first half of this year for the first time in three years. Permits were issued for 5,532 apartment units in the first half of this year. This was more than double that experienced in the same period last year. Rental apartment vacancy rates had moved down to near 5 percent in many of the Las Vegas submarkets and increased new construction was induced induced /in·duced/ (in-dldbomacst´) 1. produced artificially. 2. produced by induction. induced, adj artificially caused to occur. induced induction. . Some slowing in the Las Vegas economy is now evident as the unemployment rate moved to 5 percent in June, up from 4.5 percent a year ago. Despite the rise in the unemployment rate, nearly 38,000 jobs were added in the year period ending in June. The job growth rate was very close to that experienced a year earlier. Economic activity in the metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. could ease further should the national economy continue to be sluggish. Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. finished third in apartment permits in the first half of this year. The 5,258 units issue permits lifted the metro area into the top ten markets for the first time in more than a decade. Its apartment market is under supplied, with vacancy rates near 2 percent. Employment growth is strong, but growth has declined to a 54,100 jobs rate from 82,400 a year ago. The California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). power shortage does not seem to be as serious as it appeared early this year and the Los Angeles economy and rental apartment market should continue to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the national economy. The Greater Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , D.C., metropolitan area economy is very strong and it has one of the tightest rental markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . It led the nation in employment growth over the year period ending in June. Employers added about 85,500 jobs. The Dot.com See dot-com. shake Shake can refer to:
A situation in which many investors exit their positions, often at a loss, because of uncertainty or recent bad news circulating around a particular security or industry. Notes: During the dotcom boom and bust, numerous shakeouts occurred. , it appears, will be extended and will moderate economic growth in the metro area. Regardless, it should still have one of the strongest economies and rental markets in the country. Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. rounds out the top five rental apartment construction markets. Permits were issued for 4,906 apartment units over the first six months of this year in the metro area, and up from the 4,441 units recorded a year ago. A significant portion of the new apartment construction is located in downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. and encompasses both rental and condominiums. Chicago is drawing back both jobs and households from the suburbs to downtown. The metro area vacancy rate is near 3 percent and under 2.5 percent in downtown. A sobering so·ber adj. so·ber·er, so·ber·est 1. Habitually abstemious in the use of alcoholic liquors or drugs; temperate. 2. Not intoxicated or affected by the use of drugs. 3. fact is that the rental market may have peaked as the local economy stalls. Employment in the metro area was up by only 1,700 jobs in June from a year earlier. Jobs had risen by 79,200 employees a year earlier. Its unemployment rate rose to 5 percent for the first time since early in 1996. Three other markets issued permits for more than 4,500 apartment units in the first half of this year-Phoenix-Mesa (4,819 units), Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. (4,543 units) and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (4,531 units). All three have solid rental apartment markets with low vacancy rates and healthy rent increases. Denver and New York have strong local economies with good job growth. Job growth has dropped markedly in the Phoenix-Mesa area. The other top ten apartment construction markets for the first half of this year include Seattle-Bellvue-Everett, 3,815 units, and Raleigh-Durham-Chapel Hill, 3,630 units. Some additional markets worth noting because of the increase in their permit activity for apartments include: Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , up 1,493 units to a total of 2,798; Fort Myers Fort Myers, city (1990 pop. 45,206), seat of Lee co., SW Fla., on the Caloosahatchee River, near the Gulf of Mexico; founded 1850, inc. 1905. It has a tourist trade and light industry and is a shipping point for citrus fruits, winter vegetables, flowers (especially , up 1,164 units to a total of 1,957 units; and Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , up 1,139 units to a total of 3,434 units. There were five markets with declines in apartment permits of more than 1,000 units during the first half of the year. They are Orange County, Calif., down 2,951 units to 875 units; Charlotte-Gastonio-Rock Hill off 1,617 units to 2,573 units; Memphis down 1,212 units to only 417 units; and, Bergen-Pasaic, N.J., off 1,129 units to only 217 units. Both the Orange County and Charlotte markets has their highest levels of apartment permits in more than a decade in 2000, and some adjustment could be expected. The latter three markets had exceptionally high levels of apartment permit activity in the first half of 2000, and lower activity was anticipated. Apartment construction overall is relatively stable and it is expected to remain so for the next two quarters at least. There will be shifts in metropolitan area strengths for various market reasons.
APARTMENT PERMIT ACTIVITY
50 Most Active Metropolitan Areas, First Half of the Year
2001 2000 1999 1998 Metropolitan Area
1 1 6 6 Atlanta GA MSA
2 16 8 3 Las Vegas NV-AZ MSA
3 11 23 27 Los Angeles-Long Beach CA PMSA
4 10 9 8 Washington DC-MD-VA-WV PMSA
5 4 11 11 Chicago IL PMSA
6 2 4 5 Phoenix-Mesa AZ MSA
7 5 20 9 Denver CO PMSA
8 7 15 15 New York NY PMSA
9 3 5 7 Seattle-Bellevue-Everett WA PMSA
10 14 14 19 Raleigh-Durham-Chapel Hill NC MSA
11 6 1 4 Orlando FL MSA
12 18 2 2 Dallas TX PMSA
13 13 12 36 Austin-San Marcos TX MSA
14 12 16 37 San Diego CA MSA
15 15 3 1 Houston TX PMSA
16 33 22 39 Kansas City MO-KS MSA
17 17 45 12 San Jose CA PMSA
18 8 7 14 Charlotte-Gastonia-Rock Hill NC-SC MSA
19 21 13 26 Miami FL PMSA
20 19 21 42 Columbus OH MSA
21 20 10 10 Tampa-St. Petersburg-Clearwater FL MSA
22 27 24 59 Jacksonville FL MSA
23 48 35 33 Fort Myers-Cape Coral FL MSA
24 35 28 48 San Antonio TX MSA
25 22 33 41 Minneapolis-St. Paul MN-WI MSA
26 31 73 45 Riverside-San Bernardino CA PMSA
27 37 46 29 San Francisco CA PMSA
28 25 32 13 Fort Worth-Arlington TX PMSA
29 188 52 161 Richmond-Petersburg VA MSA
30 30 27 31 Naples FL MSA
31 45 25 20 Detroit MI PMSA
32 43 54 91 Boston MA-NH PMSA
33 46 34 52 Cincinnati OH-KY-IN PMSA
34 54 38 77 Pittsburgh PA MSA
35 73 50 40 Salt Lake City-Ogden UT MSA
36 36 43 47 Sacramento CA PMSA
37 156 130 22 Boulder-Longmont CO PMSA
38 24 29 34 West Palm Beach-Boca Raton FL MSA
39 49 18 16 Fort Lauderdale FL PMSA
40 38 31 35 Philadelphia PA-NJ PMSA
41 28 17 17 Portland-Vancouver OR-WA PMSA
42 29 55 78 St. Louis MO-IL MSA
43 9 19 21 Orange County CA PMSA
44 92 84 99 Colorado Springs CO MSA
45 43 42 38 Oakland CA PMSA
46 34 41 23 Nashville TN MSA
47 76 56 58 Gainesville FL MSA
48 39 49 25 Indianapolis IN MSA
49 47 39 32 Milwaukee-Waukesha WI PMSA
50 50 37 28 Greensboro--Winston-Salem--High Point
NC MSA
Number of Units
Metropolitan Area 2001 2000 1999 1998
Atlanta GA MSA 8,975 8,721 4,765 4,527
Las Vegas NV-AZ MSA 5,532 2,698 3,972 6,788
Los Angeles-Long Beach CA PMSA 5,258 3,773 1,844 1,359
Washington DC-MD-VA-WV PMSA 4,962 3,822 3,952 3,701
Chicago IL PMSA 4,906 4,441 3,341 2,605
Phoenix-Mesa AZ MSA 4,819 5,131 5,010 4,803
Denver CO PMSA 4,543 4,324 1,969 2,923
New York NY PMSA 4,531 4,262 2,987 1,964
Seattle-Bellevue-Everett WA PMSA 3,815 4,547 4,779 3,741
Raleigh-Durham-Chapel Hill NC MSA 3,630 3,548 3,073 1,788
Orlando FL MSA 3,557 4,290 7,152 4,903
Dallas TX PMSA 3,434 2,295 7,022 7,528
Austin-San Marcos TX MSA 3,172 3,644 3,195 1,156
San Diego CA MSA 3,078 3,751 2,739 1,129
Houston TX PMSA 2,934 3,108 5,025 10,353
Kansas City MO-KS MSA 2,798 1,305 1,850 1,090
San Jose CA PMSA 2,596 2,501 874 2,461
Charlotte-Gastonia-Rock Hill NC-SC MSA 2,573 4,190 4,198 2,098
Miami FL PMSA 2,517 1,973 3,129 1,359
Columbus OH MSA 2,208 2,228 1,947 976
Tampa-St. Petersburg-Clearwater FL MSA 2,096 2,065 3,899 2,660
Jacksonville FL MSA 2,089 1,494 1,782 608
Fort Myers-Cape Coral FL MSA 1,957 793 1,269 1,198
San Antonio TX MSA 1,705 1,169 1,377 765
Minneapolis-St. Paul MN-WI MSA 1,464 1,735 1,289 1,018
Riverside-San Bernardino CA PMSA 1,387 1,393 435 875
San Francisco CA PMSA 1,362 1,129 848 1,281
Fort Worth-Arlington TX PMSA 1,354 1586 1,293 2,111
Richmond-Petersburg VA MSA 1,259 44 680 86
Naples FL MSA 1,249 1,445 1,443 1,237
Detroit MI PMSA 1,238 911 1,773 1,730
Boston MA-NH PMSA 1,205 986 679 327
Cincinnati OH-KY-IN PMSA 1,131 828 1,271 694
Pittsburgh PA MSA 1,081 616 1,089 367
Salt Lake City-Ogden UT MSA 1,060 384 719 1,070
Sacramento CA PMSA 1,030 1,161 910 810
Boulder-Longmont CO PMSA 1,020 89 175 1,532
West Palm Beach-Boca Raton FL MSA 998 1,639 1,360 1,194
Fort Lauderdale FL PMSA 988 762 2,008 1,839
Philadelphia PA-NJ PMSA 986 1,122 1,305 1,176
Portland-Vancouver OR-WA PMSA 937 1,489 2,095 1,827
St. Louis MO-IL MSA 937 1,486 672 366
Orange County CA PMSA 875 3,826 1,981 1,613
Colorado Springs CO MSA 871 280 324 307
Oakland CA PMSA 852 986 922 1,113
Nashville TN MSA 850 1,197 930 1,497
Gainesville FL MSA 820 372 671 616
Indianapolis IN MSA 815 1,105 737 1,468
Milwaukee-Waukesha WI PMSA 810 822 1,006 1,225
Greensboro--Winston-Salem--High Point 775 733 1,223 1,297
NC MSA
Number of Units
Metropolitan Area 1997 1996 1995
Atlanta GA MSA 4,616 4,445 6,402
Las Vegas NV-AZ MSA 4,455 5,119 3,944
Los Angeles-Long Beach CA PMSA 1,191 1,206 1,078
Washington DC-MD-VA-WV PMSA 1,826 4,195 2,957
Chicago IL PMSA 3,333 2,752 2,108
Phoenix-Mesa AZ MSA 3,832 5,625 4,870
Denver CO PMSA 2,711 3,406 2,346
New York NY PMSA 2,790 1,371 662
Seattle-Bellevue-Everett WA PMSA 2,287 1,875 1,642
Raleigh-Durham-Chapel Hill NC MSA 2,003 1,204 1,532
Orlando FL MSA 2,545 940 2,593
Dallas TX PMSA 5,828 3,269 6,151
Austin-San Marcos TX MSA 2,069 2,055 1,391
San Diego CA MSA 606 224 855
Houston TX PMSA 5,746 2,441 2,892
Kansas City MO-KS MSA 1,301 1,008 297
San Jose CA PMSA 1,550 1,111 458
Charlotte-Gastonia-Rock Hill NC-SC MSA 2,589 2,564 1,439
Miami FL PMSA 2,214 754 2,906
Columbus OH MSA 1,017 1,282 1,191
Tampa-St. Petersburg-Clearwater FL MSA 2,381 2,245 2,606
Jacksonville FL MSA 1,286 1,996 630
Fort Myers-Cape Coral FL MSA 966 740 545
San Antonio TX MSA 677 1,109 1,254
Minneapolis-St. Paul MN-WI MSA 842 596 1,506
Riverside-San Bernardino CA PMSA 865 340 75
San Francisco CA PMSA 794 751 235
Fort Worth-Arlington TX PMSA 1,190 643 1,298
Richmond-Petersburg VA MSA 524 412 210
Naples FL MSA 1,080 1,305 909
Detroit MI PMSA 879 1,055 1,067
Boston MA-NH PMSA 696 240 258
Cincinnati OH-KY-IN PMSA 1,137 797 1,244
Pittsburgh PA MSA 313 239 220
Salt Lake City-Ogden UT MSA 747 2,173 1,311
Sacramento CA PMSA 284 163 28
Boulder-Longmont CO PMSA 509 692 48
West Palm Beach-Boca Raton FL MSA 1,444 657 1,452
Fort Lauderdale FL PMSA 3,905 2,933 1,640
Philadelphia PA-NJ PMSA 1,925 246 488
Portland-Vancouver OR-WA PMSA 1,589 2,324 2,406
St. Louis MO-IL MSA 529 366 339
Orange County CA PMSA 2,215 1,698 1,112
Colorado Springs CO MSA 284 376 440
Oakland CA PMSA 677 417 287
Nashville TN MSA 1,771 2,015 563
Gainesville FL MSA 282 611 165
Indianapolis IN MSA 1,029 611 650
Milwaukee-Waukesha WI PMSA 902 1,034 814
Greensboro--Winston-Salem--High Point 781 893 629
NC MSA
Change 2000-01
Metropolitan Area Units %
Atlanta GA MSA 254 2.9%
Las Vegas NV-AZ MSA 2,834 105.0%
Los Angeles-Long Beach CA PMSA 1,485 39.4%
Washington DC-MD-VA-WV PMSA 1,140 29.8%
Chicago IL PMSA 465 10.5%
Phoenix-Mesa AZ MSA -312 -6.1%
Denver CO PMSA 219 5.1%
New York NY PMSA 269 6.3%
Seattle-Bellevue-Everett WA PMSA -732 -16.1%
Raleigh-Durham-Chapel Hill NC MSA 82 2.3%
Orlando FL MSA -733 -17.1%
Dallas TX PMSA 1,139 49.6%
Austin-San Marcos TX MSA -472 -13.0%
San Diego CA MSA -673 -17.9%
Houston TX PMSA -174 -5.6%
Kansas City MO-KS MSA 1,493 114.4%
San Jose CA PMSA 95 3.8%
Charlotte-Gastonia-Rock Hill NC-SC MSA -1,617 -38.6%
Miami FL PMSA 544 27.6%
Columbus OH MSA -20 -0.9%
Tampa-St. Petersburg-Clearwater FL MSA 31 1.5%
Jacksonville FL MSA 595 39.8%
Fort Myers-Cape Coral FL MSA 1,164 146.8%
San Antonio TX MSA 536 45.9%
Minneapolis-St. Paul MN-WI MSA -271 -15.6%
Riverside-San Bernardino CA PMSA -6 -0.4%
San Francisco CA PMSA 233 20.6%
Fort Worth-Arlington TX PMSA -232 -14.6%
Richmond-Petersburg VA MSA 1,215 2761.4%
Naples FL MSA -196 -13.6%
Detroit MI PMSA 327 35.9%
Boston MA-NH PMSA 219 22.2%
Cincinnati OH-KY-IN PMSA 303 36.6%
Pittsburgh PA MSA 465 75.5%
Salt Lake City-Ogden UT MSA 676 176.0%
Sacramento CA PMSA -131 -11.3%
Boulder-Longmont CO PMSA 931 1046.1%
West Palm Beach-Boca Raton FL MSA -641 -39.1%
Fort Lauderdale FL PMSA 226 29.7%
Philadelphia PA-NJ PMSA -136 -12.1%
Portland-Vancouver OR-WA PMSA -552 -37.1%
St. Louis MO-IL MSA -549 36.9%
Orange County CA PMSA -2,951 -77.1%
Colorado Springs CO MSA 591 211.1%
Oakland CA PMSA -134 -13.6%
Nashville TN MSA -347 -29.0%
Gainesville FL MSA 448 120.4%
Indianapolis IN MSA -290 -26.2%
Milwaukee-Waukesha WI PMSA -12 -1.5%
Greensboro--Winston-Salem--High Point 42 5.7%
NC MSA
Source: U.S. Department of Commerce & Regis J Sheehan & Associates
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