FDIC: Multifamily building permits jump in Pa. in second quarter

Multifamily building permits took a huge jump in Pennsylvania in the second quarter of 2014.

Those multifamily building permits rose 67.2 percent after rising 3.1 percent in the first quarter and falling 3.5 percent in the second quarter of 2013, according to the Federal Deposit Insurance Corp.’s quarterly report released this week.

For all of 2013, multifamily building permits rose 2.6 percent.

The home-price index also took a promising jump, going up 2.4 percent compared to the first quarter. It had been rising at 1.4 percent in both the first quarter of 2014 and the second quarter of 2013, as well as all of 2013. In 2012, it had dropped 0.7 percent from 2011.

Nationally, the list of “problem banks” — banks the FDIC considers troubled — dropped from 411 members to 354. The FDIC maintains a list of problem banks but does not make it public.

That is the smallest number of problem banks since the end of the first quarter of 2009, according to the FDIC, and down from a peak of 888 at the end of the first quarter of 2011.

Pennsylvania lost two banks between the first and second quarters, dropping to 192. That’s down from 200 at the end of 2012. Nationally, there were 6,656 banks at the end of the second quarter, down from 6,730 at the end of the first quarter.

The Harrisburg-Carlisle market — which includes Cumberland, Dauphin and Perry counties — remained the fifth-largest deposit market in the state, with 25 banking institutions representing $12.8 billion in deposits for the quarter. It is the only midstate market to make the top five.

Source: Central Penn Business Journal