Multifamily permits on the rise in 2019
Digging deeper into permit data for 2019, the National Association of Home Builders reported that over the first seven months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 496,726.
On a year-over-year (YoY) basis, this is a 4.7% decline over the July 2018 level of 521,438.
Year-to-date ending in July, single-family permits reported declines in all four regions. The Midwest, Northeast, South, and the West declined by 8.7%, 1.6%, 2.8%, and 7.7% compared to the same time period in 2018.
The South had the highest growth in multifamily (9%) while the West recorded a decline in multifamily permits growth (-0.8%) during the last 12 months as housing affordability concerns reduce production of both single-family and multifamily residences.
Between July 2018 YTD and July 2019 YTD, 13 states and the District of Columbia saw growth in single-family permits issued while 37 states registered a decline. The District of Columbia recorded the highest growth rate during this time at 77.3% from 66 to 117, while single-family permits in Montana declined by 25.1%, from 1624 in 2018 to 1216 in 2019.
The 10 states issuing the highest number of single-family permits combined accounted for 60.9% of the total single-family permits issued.
Year-to-date, ending in July 2019, the total number of multifamily permits issued nationwide reached 276,841. This is 4.9% ahead of its level of 263,897 over the year 2018.
Between July 2018 YTD and July 2019 YTD, 29 states and the District of Columbia recorded growth while 21 states recorded a decline in multifamily permits. District of Columbia led the way with a sharp rise (139.7%) in multifamily permits from 1659 to 3976, while North Dakota had the largest decline of 61.6% from 567 to 218.
The 10 states issuing the highest number of multifamily permits combined accounted for 62.7% of the multifamily permits issued.
The latest housing starts and permit data for August will be released on Sept. 18.
On a year-over-year (YoY) basis, this is a 4.7% decline over the July 2018 level of 521,438.
Year-to-date ending in July, single-family permits reported declines in all four regions. The Midwest, Northeast, South, and the West declined by 8.7%, 1.6%, 2.8%, and 7.7% compared to the same time period in 2018.The South had the highest growth in multifamily (9%) while the West recorded a decline in multifamily permits growth (-0.8%) during the last 12 months as housing affordability concerns reduce production of both single-family and multifamily residences.
Between July 2018 YTD and July 2019 YTD, 13 states and the District of Columbia saw growth in single-family permits issued while 37 states registered a decline. The District of Columbia recorded the highest growth rate during this time at 77.3% from 66 to 117, while single-family permits in Montana declined by 25.1%, from 1624 in 2018 to 1216 in 2019.
The 10 states issuing the highest number of single-family permits combined accounted for 60.9% of the total single-family permits issued.
Year-to-date, ending in July 2019, the total number of multifamily permits issued nationwide reached 276,841. This is 4.9% ahead of its level of 263,897 over the year 2018.
Between July 2018 YTD and July 2019 YTD, 29 states and the District of Columbia recorded growth while 21 states recorded a decline in multifamily permits. District of Columbia led the way with a sharp rise (139.7%) in multifamily permits from 1659 to 3976, while North Dakota had the largest decline of 61.6% from 567 to 218.
The 10 states issuing the highest number of multifamily permits combined accounted for 62.7% of the multifamily permits issued.
The latest housing starts and permit data for August will be released on Sept. 18.