Not even the construction industry in the Northern Marianas was spared from the hex of external economic forces, manifested by a sharp decline in the number of building permits issued by the Department of Commerce last year.<\/p>\n
The commerce department’s Economic Development Division issued only 93 building permits during the second quarter of 1999, dropping from the preceding quarter’s 119.<\/p>\n
During the same period in 1998, the government approved 122 construction permit application, involving at least $20 million.<\/p>\n
At least 37 or $15 million of which were intended for commercial establishments while 85 or $5.9 million were for residential units.<\/p>\n
In terms of value in US dollars, activities in the islands’ construction industry dropped by $7 million to $7.8 million in January to March 1999 compared with the previous year of the same period’s $14.8 million.<\/p>\n
The CNMI witnessed only about 22 construction activities in the commercial sector, which involved $1.2 million, during the second quarter of last year.<\/p>\n
This figure is lower than the previous year’s 33 approved permits.<\/p>\n
In the residential sector, the commerce department issued 71 building permits, entailing $3.3 million, during the period under review, dropping from the previous quarter’s $4.4 million for the construction of 86 residential units.<\/p>\n
Housing loans approved by the Commonwealth Development Authority, and its commitment to release 1,000 home loans by the turn of the century helped minimize the decline in the residential sector.<\/p>\n
Development Authority chairman John S. Tenorio disclosed the Northern Marianas Housing Corp. has approved roughly about 900 housing loans within the last two and a half years and intends to close a thousand loans by year-end.<\/p>\n
Mr. Tenorio said the significant increase in last year’s real estate loans from commercial banks and CDA was fueled by a bigger demand for home refinancing because of the lower interest rates.<\/p>\n
Interest rates have dropped from 10 percent to 11 percent two years ago to between eight percent and nine percent now.<\/p>\n","protected":false},"excerpt":{"rendered":"
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