New single-familly housing starts in Huntley are "on track to be the same as last year," Village Manager Dave Johnson reported told the Village Board this week. With 100 residential units permitted through September, that means the Village of Huntley's on a tear compared to the rest of Illinois.
According to data released this week by the Federal Reserve Bank of St. Louis, through September there were only 9,249 new residential building permits issued in the whole state. Huntley's 100 would amount to just over one percent of the entire total. Add in the village's 128 new multi-family units approved for the Talamore development last month and Huntley's number amounts to about 2.5 percent of all the permits in Illinois so far this year.
The numbers are a far cry, of course, from the headiest days of Huntley expansion, 2003, 4 and 5 when the village issued over 1,000 permits per year. But those were the days of easy money and easy credit and they're just a foggy memory now. The current housing market faces a host of new challenges including still-high unemployment, glacial credit and, the latest blow, increasing construction costs. The Rockies' equivalent of the Emerald Ash Borer has been decimating western pine forests and lumber costs have risen better than 25 percent in the past two years.
In the pic: (above) The village of Huntley's permitted about $14 million worth of new homes so far this year, according to the latest report. (below) Permits for new homes for "active adults" are estimated at another $13 million.
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