The Washington times., 1923-07-13
BUILDING
KEEPS Up
PACE
D. c. Permits for 1923 Total
$685. 43, Doubling Those
of Last Year.

An increase of more than 100
per cent in expenditures for new
building projects in Washington
during the fiscal year just ended,
over those of 1922, has placed
Washington in leading position
among the larger cities of the
nation as regards real estate de-
velopment, it was shown in re-
port issued today by the National
Association of Real Estate Boards,
after a survey of 245 Of .he lead
ing cities of the nation.
Expenditure Doubles.
Permits were issued for 3.110 new
building projects in Washington
during the year of 1923, involving
expenditures of $23,56S,243, the re-
port shows This expenditure is
an increase of $12,S35,655 over that
Of 1922, the gain being one OF the
largest single years advances in
recent history here.
The fact that there was an In
crease of but 191 in the number OF
construction projects shows that
there has been a tremendous IN.
crease in the value of the 1nd1-
viduaI projects. This total was
brought up by the construction of
such large buildings as the Wash
ington Auditorium, five new theater
projects, the erection of q new
home for the United States Cham
Der of Commerce, erection OF two
great hotel buildings, number OF
office buildings and an unprece-
dentedly large number OF big
apartment houses.
See No Let Up.
Real estate conditions in Wash
ington generally are more favor
able than for many years and are
surpassed by but few cities in the
United States, the survey shows.
The report shows that there is
q healthy condition in every branch
of the real estate business here
and that the only drawback to
even more rapid development IS
shortage of labor, which is now be-
ing felt in the building line in
many cities.
Permits for 3,110 building projects
were issued during the past fiscal
year, as against 2,919 for the pre-
vious year, the report shows, the
values of the building covered by
these permits being So, ,243. as
against $10,732 ,588.
Rentals Rising.
The trend Of rental rates for resi-
Dental property in the National
Capital, despite this increase in the
rate of construction, the report
shows, is holding steady, indicating
an increase in population equal to
the increase in building rate.
Rentals for business properties in
Washington are still rising, accord
ing to the report, indicating an ex-
ceedingly healthy trade condition
here.
Market conditions for residential
property, the report shows, are
good, while those for business prop
critics are reported as excellent"
Find Money Plenty.
The investigation of the national
board of conditions in this city
shows that there is sufficient mort
gage money available in Washing
ton to keep pace with the devolp-
ment of building. with interest
rates of 5h to 6k per cent.
The report indicated that the bulk
of the new construction work is in
the city proper, rather than in the
suburban sections, though it is re
ported that this construction is not
due to congested traffic conditions
but is a natural accompaniment OF
a steady growth of the city.
The report showing that a genera
housing shortage still exists; 144 Of
the 245 cities covered by the survey
report a shortage; % report a mod
crate but not acute shortage, ant
only "a report no shortage.