Multifamily Permits Decline Across Midwest, Northeast, and West

Over the first ten months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 739,121. On a year-over-year basis, this is a 5.7% increase over the October 2017 level of 699,374. The preliminary results from the New Residential Construction Survey are exactly the same, year-to-date single-family permits over the first ten months of 2018 was, 738,800 which is 5.7% ahead of its level over the same period of 2017, 698,900.  However, recent months have registered a notable slowdown for construction.

Year-to-date ending in October, single-family permits grew in the Southern and the Western regions of the country, while the Midwest and Northeast declined by 1.6% and 2.8% respectively, compared to the same time period in 2017.  The Western region had the highest growth in single-family (10.8%) while the South recorded the highest multifamily permits growth (13.7%) during the last 12 months. South was the only region to record growth in multifamily permits during this time.

Between October 2017 YTD and October 2018 YTD, 27 states saw growth in single-family permits issued while 23 states and the District of Columbia registered a decline. Colorado recorded the highest growth rate during this time at 21.1% while single-family permits in the District of Columbia declined by 69.0%, from 326 in 2017 to 101 in 2018. The 10 states issuing the highest number of single-family permits combined accounted for 59.9% of the total single-family permits issued.

Year-to-date, ending in October 2018, the total number of multifamily permits issued nationwide reached 381,842. This is 2.8% ahead of its level over the first ten months of 2017, 371,376. The preliminary results from the New Residential Construction Survey show a small increase of 0.4% in multifamily permits over the first ten months of 2018, 378,600 compared to the same period of 2017, 346,800.

Between October 2017 YTD and October 2018 YTD, 23 states recorded growth while 26 states and the District of Columbia recorded a decline in multifamily permits. California remained unchanged during this time. Rhode Island lead the way with a sharp rise in multifamily permits from 44 to 287, while Delaware had the largest decline of 59.6% from 1248 to 504. The 10 states issuing the highest number of multifamily permits combined accounted for 63.7% of the multifamily permits issued.

 



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1 reply

  1. Good to know this datas. Thanks for sharing!

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