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Andover staff: building permits down about 30% year‑over‑year
Summary
City staff reported a sharp slowdown in building permits across the metro area, citing higher interest rates and construction costs as primary drivers.
City planning staff told the Andover Planning Commission on June 3 that building permits have declined sharply this year, down roughly 30% compared with the same period last year.
The report said the decline is widespread across the metro area and attributed it to higher mortgage interest rates and increased construction costs, which have squeezed affordability. Staff said there has been a small uptick in permit activity in the most recent month but expressed doubt that permit volume will match last year’s totals.
Planning staff also noted that homeowners with low fixed-rate mortgages are less likely to move, which reduces turnover in the housing market and dampens new development demand. Commissioners asked no follow-up questions during the report.
The briefing was presented at the start of the meeting as part of committee and staff reports and was not tied to any formal action.
