Hartford Business Journal

www.HartfordBusiness.com March 9, 2015 • Hartford Business Journal 11 analysis CT cities lead way in new home construction By Greg Bordonaro gbordonaro@HartfordBusiness.com C onnecticut experienced a significant jump in new home construction last year, but not all municipalities shared in the trend equally. In fact, a majority of the activity took place in a handful of communities. And, sur- prisingly, it was some of Connecticut's larg- est urban centers that recorded the greatest amount new home construction. New Haven was the breadwinner issuing 412 new housing permits in 2014, up from just 39 a year earlier, according to data provided by the state Department of Economic and Community Development. East Lyme (363), Stamford (318), Danbury (317), and Norwalk (236) rounded out of the top five. Overall, there were 4,603 permits issued in Connecticut last year for single-family houses, condominiums and apartment units, up 14 percent from 4,027 a year earlier. The significant activity in Connecticut cit- ies is a bit surprising because urban centers, which often have higher property tax rates, aren't traditionally bastions for new home construction. But the numbers are likely buoyed by the construction of apartment units rather than single-family homes. Demand for apartments has been on the rise in recent years to sate Millennials' and empty-nesters' increasing desire to live in urban areas. Other societal trends, like increasing student-loan debt and stagnant wages, have also translated into increased rental unit demand. U.S. Census Bureau data seems to back that trend. The proportion of Greater Hart- ford households that own their home contin- ued to decline last year. The Hartford metro- politan area had a home ownership rate of 68.5 percent in 2014. It was the third annual drop, down from 69.8 percent in 2013 and 70.8 percent in 2012. In Greater Hartford, Simsbury recorded the highest number of new housing permits last year (176), followed by Manchester (71), Southington (70), West Hartford (69), and Bristol (67). Municipalities that saw the biggest drop- off in activity include Stratford, Berlin, Rocky Hill, and Fairfield, which issued 270, 91, 100, and 155 fewer new home permits in 2014, respectively, compared to a year earlier. n CT new Home Construction Permits Permits Issued Municipality 2014 2013 New Haven 412 39 East Lyme 363 37 Stamford 318 251 Danbury 317 310 Norwalk 236 79 Milford 211 189 Simsbury 176 108 Westport 163 103 Bridgeport 140 161 Fairfield 111 155 Total CT 4,603 4,027 Greater Hartford new Home Construction Permits Permits Issued Municipality 2014 2013 Simsbury 176 108 Manchester 71 21 Southington 70 112 West Hartford 69 62 Bristol 67 92 Middletown 61 51 Rocky Hill 49 100 Cheshire 41 48 Farmington 34 49 Coventry 33 27 s O u r c e : d e P A r T m e n T O f e c O n O m i c & c O m m u n i T y d e v e l O P m e n T ▶ ▶ The significant activity in Connecticut's cities is a bit surprising because urban centers, which often carry higher property tax rates, aren't traditionally bastions for new home construction. Health care offers a world of possibilities. We offer that world to everyone. There's nothing more vital to the well-being of a community than the well-being of the people who live there. Yale New Haven Health is bringing people in communities throughout Connecticut access to a world of health care they didn't have just a few short years ago. By consolidating various health services under one system, we've made health care more cost-effective while giving people easier access to the skills and resources of three outstanding hospitals, plus hundreds of family practitioners and specialists throughout the state. We've revitalized struggling facilities, keeping vital health services available to thousands. And we've opened specialty centers in areas that were once underserved. As health care continues to achieve new breakthroughs, Yale New Haven Health will continue to offer more access, more choice and more quality care for the people and communities we serve. YaleNewHavenHealth.org Bridgeport Hospital Greenwich Hospital Yale-New Haven Hospital Northeast Medical Group YNNH-2866 AdvocacyGroup7.4375x9.625.indd 1 3/3/15 10:18 AM

• Cover