Over the first seven months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 527,158. On a year-over-year (YoY) basis, this is 18.4% below the July 2022 level of 645,877.
Year-to-date ending in July, single-family permits declined in all four regions. The Northeast posted the lowest decline of 12.1%, while the West region reported the steepest decline of 25.1%. The South declined by 16.5% and the Midwest declined by 18.0% in single-family permits during this time. For multifamily permits, the South region posted a modest decline of 7.5% while the West declined by 14.1%, the Midwest declined by 20.8%, and the Northeast declined by 31.2%.
Between July 2022 YTD and July 2023 YTD, except for Hawaii (+16.1%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 1.5% in Maryland to 49.3% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 63.9% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 20.3% in the past 12 months while the next two highest states, Florida and North Carolina declined by 18.8% and 10.3% respectively.
Year-to-date, ending in July, the total number of multifamily permits issued nationwide reached 337,730. This is 14.3% below the July 2022 level of 394,215.
Between July 2022 YTD and July 2023 YTD, 16 states recorded growth, while 34 states and the District of Columbia recorded a decline in multifamily permits. Rhode Island (+150.0%) led the way with a sharp rise in multifamily permits from 126 to 315 while Wyoming had the largest decline of 63.6% from 302 to 110. The ten states issuing the highest number of multifamily permits combined accounted for 64.8% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 19.3% in the past 12 months while the next two highest states, Florida declined by 2.9% and California increased by 4.5%.
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||July-23 (# of units YTD, NSA)||YTD % Change
(compared to July-22)
|Houston-The Woodlands-Sugar Land, TX||29,687||-8%|
|Dallas-Fort Worth-Arlington, TX||24,088||-19%|
|Atlanta-Sandy Springs-Roswell, GA||14,417||-14%|
|Austin-Round Rock, TX||9,202||-39%|
|Tampa-St. Petersburg-Clearwater, FL||8,050||-22%|
For multifamily permits, below are the top ten local areas that issued the highest number of permits.
|Top 10 Largest MF Markets||July-23 (# of units YTD, NSA)||YTD % Change
(compared to July-22)
|New York-Newark-Jersey City, NY-NJ-PA||17,802||-43%|
|Dallas-Fort Worth-Arlington, TX||15,567||-23%|
|Houston-The Woodlands-Sugar Land, TX||11,897||-22%|
|Los Angeles-Long Beach-Anaheim, CA||10,925||-5%|
|Austin-Round Rock, TX||10,895||-32%|
|Miami-Fort Lauderdale-West Palm Beach, FL||10,266||25%|
|Atlanta-Sandy Springs-Roswell, GA||10,000||0%|