Single-Family Permits Continues On A Downward Trend in October 2022

Over the first ten months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 865,815. On a year-over-year (YoY) basis, this is 8.7% below the October 2021 level of 948,321.

Year-to-date ending in October, single-family permits declined in all four regions. The South posted a modest decline of 6.8%, while the Midwest and the West regions reported the steepest decline of 11.6%. The Northeast declined by 9.7% in single-family permits during this time. On the other hand, multifamily permits posted increased in all four regions. Permits were 27.7% higher in the South, 17.8% higher in the Midwest, 9.1% higher in the West, and 2.4% higher in the Northeast.

Between October 2021 YTD and October 2022 YTD, seven states saw growth in single-family permits issued. New Mexico recorded the highest growth rate during this time at 39.2% going from 4,718 permits to 6,567. Forty-three states and the District of Columbia reported a decline in single-family permits during this time with Colorado posting the steepest decline of 26.0% declining from 29,358 permits to 21,726. The ten states issuing the highest number of single-family permits combined accounted for 63.5% of the total single-family permits issued.

Year-to-date, ending in October, the total number of multifamily permits issued nationwide reached 575,671. This is 17.4% ahead of the October 2021 level of 490,172.

Between October 2021 YTD and October 2022 YTD, 39 states and the District of Columbia recorded growth, while 11 states recorded a decline in multifamily permits. Georgia led the way with a sharp rise (168.7%) in multifamily permits from 9,237 to 24,818 while Delaware had the largest decline of 61.5% from 968 to 373. The ten states issuing the highest number of multifamily permits combined accounted for 63.5% of the multifamily permits issued.

At the local level, below are the top ten metro areas that issued the highest number of single-family permits.

Metropolitan Statistical Area Single-Family Permits: Oct-22 (Units #YTD, NSA)
Houston-The Woodlands-Sugar Land, TX                                                                                      42,826
Dallas-Fort Worth-Arlington, TX                                                                                      39,154
Phoenix-Mesa-Scottsdale, AZ                                                                                      24,470
Atlanta-Sandy Springs-Roswell, GA                                                                                     23,805
Austin-Round Rock, TX                                                                                      19,582
Charlotte-Concord-Gastonia, NC-SC                                                                                      16,806
Orlando-Kissimmee-Sanford, FL                                                                                      14,099
Tampa-St. Petersburg-Clearwater, FL                                                                                     13,733
Nashville-Davidson–Murfreesboro–Franklin, TN                                                                                      13,594
Jacksonville, FL                                                                                     12,551

For multifamily permits, below are the top ten local areas that issued the highest number of permits.

Metropolitan Statistical Area  Multifamily Permits: Oct-22 (Units #YTD, NSA)
New York-Newark-Jersey City, NY-NJ-PA                                                                                   40,527
Dallas-Fort Worth-Arlington, TX                                                                                   28,844
Houston-The Woodlands-Sugar Land, TX                                                                                   24,121
Austin-Round Rock, TX                                                                                  20,505
Los Angeles-Long Beach-Anaheim, CA                                                                                   18,600
Seattle-Tacoma-Bellevue, WA                                                                                   17,181
Atlanta-Sandy Springs-Roswell, GA                                                                                   17,018
Washington-Arlington-Alexandria, DC-VA-MD-WV                                                                                   16,892
Phoenix-Mesa-Scottsdale, AZ                                                                                   16,454
Minneapolis-St. Paul-Bloomington, MN-WI                                                                                   14,053

 


Discover more from Eye On Housing

Subscribe to get the latest posts sent to your email.

Leave a Reply