Eye On Housing
Over the first four months of 2018, the total number of single-family permits issued nationwide reached 279,302. On a year-over-year basis, this is an 8.4% increase over the April 2017 level of 257,719. The results from the SOC are similar, single-family permits over the first four months of 2018 was, 278,500 which is 8.6% ahead of its level over the same period of 2017, 256,500*.
Between April 2017 and April 2018, 31 states saw growth in single-family permits issued while 19 states and the District of Columbia registered a decline. Colorado recorded the highest growth rate during this time at 34.2% while single-family permits in the District of Columbia declined by 69.0%, but from a small base, from 145 in 2017 to 45 in 2018.
In the single-family sector, Texas led with 41,750 permits issued year-to-date in April 2018 and Florida came in second with 30,701 during this time. Meanwhile the lowest number came from the District of Columbia with 45 permits. The 10 states issuing the highest number of single-family permits combined accounted for 62.0% of the single-family permits issued.
The 8.4% increase in nationwide growth rate in 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, nine states recorded single-family permit growth exceeding the national average. A total of 15 states recorded growth rates higher than the national average and nine of these came from the Western region of the county.
Year-to-date, ending in April 2018, the total number of multifamily permits issued nationwide reached 146,337. This is 12.6% ahead of its level over the fourth month of 2017, 129,963. The increase in nationwide growth rate is due to the increases across Western and Southern states which posted growth rates of 21.0% and 20.6% respectively. Midwest and Northeast posted declines of 3.3% and 8.2% during this time. The results from the SOC show an increase of 9.1% in multifamily permits over the first four months of 2018, 145,600 compared to the same period of 2017, 133,400.
Between April 2017 to April 2018, 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 814.3%, from 7 to 64, while Mississippi had the largest decline of 88.0% from 834 to 100.
In the multifamily sector, Texas issued the highest number of permits YTD in April 2018 at 21,296, with California and Florida issuing the second and third most multifamily permits year-to-date, 17,307 and 15,839 respectively. Meanwhile Wyoming issued the lowest number of multifamily permits at 33. The 10 states issuing the highest number of multifamily permits combined accounted for 66.0% of the multifamily permits issued.
* The SOC is the source of the monthly New Residential Construction release.
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