The City of McKinney may be at an all-time high in terms of population, but that growth hasn't translated into the same numbers for new home builders in 2008. McKinney's population has grown to 120,978 as of January, up 5,000 residents from the same time in 2007. Looking back over the past five years, the number of residents has grown by 35,000. To put those numbers in perspective, McKinney's growth in the past five years is greater than the total number of residents in 1997. According to information published by the City of McKinney's Planning department, the number of single family permits issued in the first quarter of 2008 was 310, the fewest the city has issued in five years. In 2004, McKinney issued 700 such permits for single family dwellings - including homes and town homes. That number ballooned to 876 in 2006, before dropping to 453 for the first quarter of 2007. Regie Neff, Assistant City Manager for the City of McKinney, said the slowdown in new home building the city is experiencing is being felt across the United States. "This is reflective of a nationwide trend on housing starts," Neff said. "It's a lot of inventory housing unsold [from previous years]."Ah, but numbers can be deceiving. "The numbers you're seeing in McKinney are actually very high compared to other cities in Collin County," Neff said. "It's an enviable position."Neff had a point. Despite the new housing market struggling to catch up with unsold inventory, the economic situation for McKinney is a good one. Growth is still up, especially when compared to the only other city in Collin County with more than 100,000 residents last year; more than seven percent for McKinney compared to one percent for Plano.Good news also lies in the unemployment rate. McKinney's unemployment rate (4.2 percent) is average with those of Collin county (4.0) and and the State of Texas (4.1) and down nearly five percent from this time in 2004.