Eye On Housing
Over the first eight months of 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 599,117. On a year-over-year basis, this is a 6.6% increase over the August 2017 level of 561,938. The preliminary results from the New Residential Construction Survey are similar, year-to-date single-family permits over the first eight months of 2018 was, 599,200 which is 6.5% ahead of its level over the same period of 2017, 562,600.
Year-to-date, single-family permits grew in the Southern and the Western regions of the country, while the Midwest was essentially unchanged and Northeast declined by 4.1% compared to August 2017 YTD. Western region had the highest growth in single-family (12.4%) while South recorded the highest multifamily permits growth (13.6%) during the last 12 months.
Between August 2017 YTD and August 2018 YTD, 32 states saw growth in single-family permits issued while 18 states and the District of Columbia registered a decline. Colorado recorded the highest growth rate during this time at 22.6% while single-family permits in the District of Columbia declined by 69.3%, from 251 in 2017 to 77 in 2018.
In the single-family sector, Texas led with 87,395 permits issued year-to-date in August 2018 and Florida came in second with 65,427 during this time. Meanwhile the lowest number came from the District of Columbia with 66 permits. The 10 states issuing the highest number of single-family permits combined accounted for 60.4% of the single-family permits issued.
Year-to-date, ending in August 2018, the total number of multifamily permits issued nationwide reached 305,334. This is 5.0% ahead of its level over the first eight months of 2017, 290,887. The preliminary results from the New Residential Construction Survey show an increase of 1.8% in multifamily permits over the first eight months of 2018, 300,800 compared to the same period of 2017, 295,600.
Between August 2017 YTD and August 2018 YTD, 27 states recorded growth while 23 states and the District of Columbia recorded a decline in multifamily permits. Rhode Island lead the way with a sharp rise in multifamily permits from 33 to 255, while Mississippi had the largest decline of 74.8% from 932 to 235.
In the multifamily sector, Texas issued the highest number of multifamily permits year-to-date in August 2018 at 43,121, with California and Florida issuing the second and third most multifamily permits year-to-date, 38,456 and 30,998 respectively. Meanwhile Wyoming issued the lowest number of multifamily permits at 106. The 10 states issuing the highest number of multifamily permits combined accounted for 65.1% of the multifamily permits issued.
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