Residential Development in 1999 in the Buffalo-Niagara Region. Why It Matters Residential development is a key barometer of regional health.
New units signal developer confidence in the regional economy and associated demand for new homes.
The interplay of housing demand and housing supply, including both new units and existing homes for sale, influences assessed values, home sales prices, and the vitality and stability of neighborhoods. This indicator tracks the annual number of residential units authorized by building permits for the eight counties in Western New York. Data come from the Census Bureau, which tabulates building permit data based on monthly reports from local officials. Because not all permitted residences are built, the data may overreport new residential development. Data on the number of single-family homes sold and their median selling price from 1995 to 1998 come from the New York State Association of Realtors, as reported by independent member boards of realtors.