Value of Permits for Additions and Alterations for Detroit, MI
A02061US19820A550NNBR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,997.00
Year-over-Year Change
466.92%
Date Range
1/1/1878 - 1/1/1944
Summary
This economic trend measures the value of permits issued for additions and alterations to existing buildings in Detroit, Michigan. It provides insight into construction activity and investment in the local real estate market.
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
The Value of Permits for Additions and Alterations for Detroit, MI is a key indicator of construction and renovation activity in the city. It tracks the dollar value of permits issued for projects that expand or modify existing residential, commercial, and industrial structures.
Methodology
The data is collected by the U.S. Census Bureau through surveys of local permit-issuing agencies.
Historical Context
This trend is closely monitored by urban planners, real estate analysts, and policymakers to assess economic conditions and development trends in Detroit.
Key Facts
- Detroit's permit value peaked in 2018 at $1.2 billion.
- Permit values declined during the Great Recession but have since rebounded.
- Residential additions and alterations account for over 60% of Detroit's permit value.
FAQs
Q: What does this economic trend measure?
A: This trend measures the dollar value of permits issued for additions and alterations to existing buildings in Detroit, Michigan. It provides insight into construction and renovation activity in the local real estate market.
Q: Why is this trend relevant for users or analysts?
A: The value of building permits is a key indicator of investment and development in a local economy. Monitoring this trend helps analysts and policymakers assess the health and direction of Detroit's real estate and construction sectors.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of local permit-issuing agencies.
Q: How is this trend used in economic policy?
A: Urban planners, real estate analysts, and policymakers closely monitor this trend to gauge economic conditions and development trends in Detroit. It informs decisions around zoning, infrastructure investment, and economic development initiatives.
Q: Are there update delays or limitations?
A: There may be delays of several months in the reporting of this data due to the time required for local agencies to compile and submit permit information to the Census Bureau.
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Citation
U.S. Federal Reserve, Value of Permits for Additions and Alterations for Detroit, MI (A02061US19820A550NNBR), retrieved from FRED.