Permits Decline At The Start of 2023

    Over the first month of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 53,062. On a year-over-year (YoY) basis, this is 36.4% below the January 2022 level of 83,404.

    Year-to-date ending in January, single-family permits declined in all four regions. The Northeast posted a decline of 20.3%, while the West region reported the steepest decline of 46.9%. The Midwest declined by 39.1% and the South declined by 33.5% in single-family permits during this time. The South posted an increase of 16.4% in multifamily permits while the other three regions posted declines. Multifamily permits were down 33.1% in the Northeast, down 24.2% in the Midwest, and down 11.1% in the West.

    Between January 2022 YTD and January 2023 YTD, the District of Columbia, North Dakota, and New Mexico saw growth in single-family permits issued. The District of Columbia recorded the highest growth rate during this time at 20.0% going from 10 permits to 12. Forty-eight states reported a decline in single-family permits during this time ranging from 2.9% decline in New Jersey to 60.7% decline in Arizona. The ten states issuing the highest number of single-family permits combined accounted for 65.6% of the total single-family permits issued.

    Year-to-date, ending in January, the total number of multifamily permits issued nationwide reached 47,936. This is 2.0% below the January 2022 level of 48,912.

    Between January 2022 YTD and January 2023 YTD, 23 states and the District of Columbia recorded growth, while 26 states recorded a decline in multifamily permits. Rhode Island reported no change. The District of Columbia led the way with a sharp rise in multifamily permits from four to 788 while Maine had the largest decline of 83.0% from 147 to 25. The ten states issuing the highest number of multifamily permits combined accounted for 69.1% 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.

    Top 10 Largest SF Markets January 2023 (# of units YTD, NSA) YTD % Change
    (compared to Jan 2022)
    Houston-The Woodlands-Sugar Land, TX                                                            2,692 -40%
    Dallas-Fort Worth-Arlington, TX                                                            2,244 -44%
    Atlanta-Sandy Springs-Roswell, GA                                                            1,348 -41%
    Charlotte-Concord-Gastonia, NC-SC                                                            1,324 -19%
    Phoenix-Mesa-Scottsdale, AZ                                                            1,102 -63%
    Orlando-Kissimmee-Sanford, FL                                                            1,077 -32%
    Tampa-St. Petersburg-Clearwater, FL                                                              954 -35%
    New York-Newark-Jersey City, NY-NJ-PA                                                               945 -4%
    Nashville-Davidson–Murfreesboro–Franklin, TN                                                               900 -34%
    Austin-Round Rock, TX                                                               892 -59%

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

    Top 10 Largest MF Markets January 2023 (# of units YTD, NSA) YTD % Change
    (compared to Jan 2022)
    Houston-The Woodlands-Sugar Land, TX                                                            3,574 147%
    Atlanta-Sandy Springs-Roswell, GA                                                            2,359 318%
    Dallas-Fort Worth-Arlington, TX                                                            2,336 -18%
    New York-Newark-Jersey City, NY-NJ-PA                                                            1,638 -55%
    Washington-Arlington-Alexandria, DC-VA-MD-WV                                                            1,430 2%
    Miami-Fort Lauderdale-West Palm Beach, FL                                                            1,384 21%
    Denver-Aurora-Lakewood, CO                                                           1,367 162%
    Raleigh, NC                                                            1,223 112%
    Tampa-St. Petersburg-Clearwater, FL                                                            1,156 1462%
    San Antonio-New Braunfels, TX                                                               983 -38%

     


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