Over the first two months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 112,131. On a year-over-year (YoY) basis, this is 34.3% below the February 2022 level of 170,716.
Year-to-date ending in February, single-family permits declined in all four regions. The Northeast posted a decline of 23.6%, while the West region reported the steepest decline of 44.7%. The Midwest declined by 33.3% and the South declined by 31.5% in single-family permits during this time. The South posted an increase of 31.8% in multifamily permits and the West increased by a small margin. Multifamily permits in the Northeast were down 32.6% and down in the Midwest 14.8%.
Between February 2022 YTD and February 2023 YTD, all the states and the District of Columbia reported declines in single-family permits ranging from 3.8% in New Mexico to 72.8% in Montana. The ten states issuing the highest number of single-family permits combined accounted for 66.3% of the total single-family permits issued. Texas, the state with the highest number of single-family permits declined 40.2% in the last 12 months while the next two highest states, Florida and North Carolina declined by 31.2% and 22.3% respectively.
Year-to-date, ending in February, the total number of multifamily permits issued nationwide reached 100,633. This is 8.4% above the February 2022 level of 92,818.
Between February 2022 YTD and February 2023 YTD, 24 states and the District of Columbia recorded growth, while 26 states recorded a decline in multifamily permits. North Dakota led the way with a sharp rise in multifamily permits from two to 316 while Maine had the largest decline of 89.3% from 748 to 80. The ten states issuing the highest number of multifamily permits combined accounted for 67.4% 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||Feb-23 (# of units YTD, NSA)||YTD % Change
(compared to Feb-22)
|Houston-The Woodlands-Sugar Land, TX||6,269||-34%|
|Dallas-Fort Worth-Arlington, TX||4,867||-38%|
|Atlanta-Sandy Springs-Roswell, GA||2,945||-39%|
|Tampa-St. Petersburg-Clearwater, FL||1,926||-26%|
|Austin-Round Rock, TX||1,908||-52%|
|New York-Newark-Jersey City, NY-NJ-PA||1,808||-12%|
For multifamily permits, below are the top ten local areas that issued the highest number of permits.
|Top 10 Largest MF Markets||Feb-23 (# of units YTD, NSA)||YTD % Change
(compared to Feb-22)
|Dallas-Fort Worth-Arlington, TX||5,364||10%|
|Houston-The Woodlands-Sugar Land, TX||4,910||57%|
|Atlanta-Sandy Springs-Roswell, GA||4,162||83%|
|New York-Newark-Jersey City, NY-NJ-PA||4,047||-38%|
|Miami-Fort Lauderdale-West Palm Beach, FL||3,762||113%|
|Los Angeles-Long Beach-Anaheim, CA||2,793||0%|
|Austin-Round Rock, TX||2,565||-14%|