Eye On Housing
Over the year 2018, the total number of single-family permits issued year-to-date (YTD) nationwide reached 852,856. On a year-over-year basis, this is a 4.3% increase over the December 2017 level of 817,319. The preliminary results from the New Residential Construction Survey are similar, year-to-date single-family permits for the year 2018, was 852,700 which is 4.0% ahead of its level over the same period of 2017, 820,000.
Year-to-date ending in December, single-family permits grew in the Southern and the Western regions of the country, while the Midwest and Northeast declined by 3.6% and 2.1% respectively, compared to the same time period in 2017. The Western region had the highest growth in single-family (8.2%) while the South recorded the highest multifamily permits growth (16.3%) during the last 12 months. The South was the only region to record growth in multifamily permits during this time.
Between December 2017 YTD and December 2018 YTD, 29 states saw growth in single-family permits issued while 20 states and the District of Columbia registered a decline. There was no change in the number of permits issued in Ohio. Colorado recorded the highest growth rate during this time at 15.7% while single-family permits in the District of Columbia declined by 68.2%, from 352 in 2017 to 112 in 2018. The 10 states issuing the highest number of single-family permits combined accounted for 60.0% of the total single-family permits issued.
Year-to-date, ending in December 2018, the total number of multifamily permits issued nationwide reached 465,039. This is 4.1% ahead of its level over the year 2017, 446,732. The preliminary results from the New Residential Construction Survey show a small decline of 0.9% in multifamily permits over the year 2018, 458,000 compared to the same period of 2017, 462,000.
Between December 2017 YTD and December 2018 YTD, 25 states recorded growth while 25 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 159 to 306, while Delaware had the largest decline of 57.2% from 1472 to 630. The 10 states issuing the highest number of multifamily permits combined accounted for 64.6% of the multifamily permits issued.
Leave a Reply