Home building permits are on the upswing in Northwestern Wisconsin, according to the latest report from the Wisconsin Builders Association. New home construction increased statewide by 3% during 2023, with permit activity accelerating in the last quarter of the year.
Barron County is a good example of the trend. Permit activity was mostly flat through much of 2023. But from October through December, housing permits spiked 73.1% compared to the same quarter in 2022, with 45 new homes in the works.
Rusk County also saw a 4th quarter permit surge. 5 home building permits were pulled between October and December of 2023, compared to just 1 permit during the same period in 2022.
The boost in permit activity comes after years of decline in home construction. The Great Recession had a lasting impact on home builders, and new construction may never return to the levels seen before 2008. The rising cost of materials, labor and buildable land continue to challenge the home building industry.
Fortunately, a decline in mortgage interest rates during late 2023 put some wind in the sails for home builders. Looking ahead, new programs through the Wisconsin Housing and Economic Development Authority will encourage more home building, particularly in metropolitan areas. But as permit activity picks up, land prices will pick up, too!
If you have dreamed of building a new home in Northwestern Wisconsin, now is the time to see land for sale near our beautiful lakes. We have several lots on the market right now, and new listings are coming soon!
Six Lakes Realty is a locally owned family business with over 45 years of experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com