West Leads Single-family Residential Permits Growth, Northeast, Midwest Declines

Over the first six months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 444,600. On a year-over-year basis, this is a 6.3% increase over the June 2017 level of 418,128. The preliminary results from the New Residential Construction release are similar, year-to-date single-family permits over the first six months of 2018 was, 444,700 which is 6.6% ahead of its level over the same period of 2017, 417,000.

Year-to-date, across the country, single-family permits grew in all the regions except in the Northeast and Midwest where it declined by 2.3% and 0.3% respectively, compared to June 2017 YTD. Out of the nine Northeastern states, only two, New Hampshire and New York recorded an increase in single-family permit growth during this time while the other seven states declined. In the Midwest, out of the 12 states, only four states reported an increase in single-family permits issued during this time. Western region had the highest growth in single-family (14.2%) while South recorded the highest multifamily permits growth (13.6%) during the last 12 months.

Between June 2017 YTD and June 2018 YTD, 30 states saw growth in single-family permits issued while 20 states and the District of Columbia registered a decline. Colorado recorded the highest growth rate during this time at 26.3% while single-family permits in the District of Columbia declined by 66.7%, from 171 in 2017 to 57 in 2018.

In the single-family sector, Texas led with 64, 879 permits issued year-to-date in June 2018 and Florida came in second with 48,132 during this time. Meanwhile the lowest number came from the District of Columbia with 57 permits.  The 10 states issuing the highest number of single-family permits combined accounted for 60.6% of the single-family permits issued.

The 6.3% increase in the nationwide growth rate of year-to-date single-family permits, is largely due to the aggregate increase in single-family permits across the Western states. Out of the 13 which are classified as Western states, eight states recorded single-family permit growth exceeding the national average. A total of 15 states recorded growth rates higher than the national average. Eight of these came from the Western region of the county, six from the South, and one from Northeast. New Hampshire was the lone state to record single-family permit growth higher than the national rate from the Northeast region.

Year-to-date, ending in June 2018, the total number of multifamily permits issued nationwide reached 229,013. This is 7.1% ahead of its level over the first six month of 2017, 213,911. The increase in nationwide growth rate is due to the increases across Southern and Western states which posted growth rates of 13.6% and 7.1% respectively. The preliminary results from the New Residential Construction release show an increase of 3.9% in multifamily permits over the first six months of 2018, 226,000 compared to the same period of 2017, 217,600.

Between June 2017 YTD and June 2018 YTD, 30 states recorded growth while 20 states and the District of Columbia recorded a decline in multifamily permits. Rhode Island lead the way with a growth rate of 278.8%, from 33 to 125, while Mississippi had the largest decline of 78.8% from 891 to 189.

In the multifamily sector, Texas issued the highest number of multifamily permits year-to-date in June 2018 at 33,830, with California and Florida issuing the second and third most multifamily permits year-to-date, 30,166 and 22,932 respectively. Meanwhile Wyoming issued the lowest number of multifamily permits at 91. The 10 states issuing the highest number of multifamily permits combined accounted for 65.8% of the multifamily permits issued.

 

 



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