Building activity was relatively flat in August 2013, but there were slightly more permits filed for new construction projects compared to August 2012. The exact percentage leap from the month over month permit filing was 9 percent. The average permit in August was a little smaller than the ones filed in August 2012, and the August amount of permits was about 7 percent less than July 2013 permits. Despite the small gain, the monthly amount puts the Memphis area closer to the 1000 permit mark, which industry insiders feel the county can hit before the year ends. This will be the first time since 2007 that many permits were filed, if so.

The Memphis local movers have found that home builders did not sell as many homes in August as they did last year. The year to date thus far is at 629 permits, which is slightly higher than the 2012 number of 618 permits. There is still a limited supply, which is good for the market because it keeps a tight ship as far as what is available and what comes next for new construction. Memphis is certainly an area that can benefit from new construction, and the limited supply can benefit from a few new developments to liven up the market availability.