While construction jobs have weakened during the pandemic, housing permits and activity have surged throughout Arizona (Exhibit 1). Preliminary seasonally adjusted housing permit data suggest that statewide total permits were up 24.7% year to date through September compared to last year. Single-family permits were up 23.7% and multi-family permits were up 27.5%. Strong over-the-year gains in the first quarter of 2020 were followed by slow growth in the second quarter, but activity rebounded strongly in!
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