Eye On Housing
Over the first month of 2020 – and prior to the impact of the coronavirus, the total number of single-family permits issued year-to-date (YTD) nationwide reached 70,386. On a year-over-year (YoY) basis, this is a 21.2% increase over the January 2019 level of 58,086.
Year-to-date ending in January, single-family and multifamily permits reported growth across the country. Northeast led in both sectors with 23.9% growth in single-family and 42.2% growth in the multifamily permits. Southern region recorded the slowest growth at 20.0% in single-family permits while the West recorded the slowest growth in multifamily permits at 5.5%.
Between January 2019 YTD and January 2020 YTD, 42 states saw growth in single-family permits issued while 7 states and the District of Columbia registered a decline. Vermont remained unchanged. Nevada recorded the highest growth rate during this time at 66.4% from 782 to 1301, while single-family permits in the District of Columbia declined by 68.8%, from 16 in 2019 to 5 in 2020. The 10 states issuing the highest number of single-family permits combined accounted for 64.7% of the total single-family permits issued.
Year-to-date, ending in January 2020, the total number of multifamily permits issued nationwide reached 42,463. This is 16.8% ahead over the January 2019 level of 36,353.
Between January 2019 YTD and January 2020 YTD, 27 states and the District of Columbia recorded growth while 23 states recorded a decline in multifamily permits. Ohio led the way with a sharp rise (599.1%) in multifamily permits from 223 to 1,559, while North Dakota had the largest decline of 100.0% from 2 to 0. The 10 states issuing the highest number of multifamily permits combined accounted for 68.2% of the multifamily permits issued.
I’m a resident of Honolulu living in the Waikiki portion of the city we have over the last couple years had quite a catch-up. With quite a few very tall building cranes involved in constructing high-rise buildings. I had to pick up at essential item today so I went out driving the area. And I saw quite a number of construction workers working on a tall high-rise I figured that they are maybe one or two on each of the floor so there’s not what you would call a crowd gathering most of them working very diligently. I thought we need housing, what a good use of time. Seemed safe