Over the first month of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 75,906. On a year-over-year (YoY) basis, this is an increase of 43.1% over the January 2023 level of 53,062.
Year-to-date ending in January, single-family permits were up in all four regions. The range of permit increase spanned 67.0% in the West to 19.4% in the Northeast. The South was up by 39.4% and the Midwest was up by 36.5% in single-family permits during this time. For multifamily permits, the regions were split, with half posting increases and the other posting decreases. The Northeast was up by 64.5% and the Midwest was up by 13.6%. The South posted a decline of 32.5% and the West declined by 27.9% in multifamily permits during this time.
Between January 2024 YTD and January 2023 YTD, 44 states posted an increase in single-family permits. Five states and the District of Columbia reported declines in single-family permits. Connecticut reported no change. The range of increases spanned 128% in Nevada to 2.4% in Mississippi. The ten states issuing the highest number of single-family permits combined accounted for 67.7% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued 12,707 permits over the month of January, which is an increase of 55.8% compared to January 2023. The succeeding highest state, Florida was up by 40.4% while the next highest, North Carolina, posted an increase of 30.6%.
Year-to-date, ending in January the total number of multifamily permits issued nationwide reached 38,870. This is 18.9% below the January 2023 level of 47,936.
Between January 2024 YTD and January 2023 YTD, 21 states recorded growth in multifamily permits, while 29 states and the District of Columbia recorded a decline. Wyoming (+377.8%) led the way with a sharp rise in multifamily permits from nine to 43, while Alaska had the greatest decline of 100% from 54 to zero. The ten states issuing the highest number of multifamily permits combined accounted for 68.1% of the multifamily permits issued. Over the month of January, Texas, the state with the highest number of multifamily permits issued, experienced a decline of 25.1%. Following closely, the second-highest state in multifamily permits, Florida, saw a decline of 30.3%. California, the third largest multifamily issuing state, declined by 33.6%.
At the local level, below are the top ten metro areas that issued the highest number of single-family permits.
For multifamily permits, below are the top ten local areas that issued the highest number of permits.
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For those considering construction loans, this uptick signals a growing demand for financing options to support new home construction. Lenders specializing in construction loans should be prepared to meet this demand by offering competitive loan products and efficient approval processes, thereby supporting the expansion of the housing market.