Single-Family and Multifamily Permits Down in 2023

2024-02-14T09:14:59-06:00

Over 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 909,227. On a year-over-year (YoY) basis, this is 6.5% below the December 2022 level of 972,180. Year-to-date ending in December, single-family permits declined in all four regions. The range of permit decline spanned 5.0% in the South to 9.7% in the West. The Northeast declined by 7.1% and the Midwest declined by 7.6% in single-family permits during this time. For multifamily permits, the percentage decline spanned 14.6% in the South region to 28.5% in the Northeast. The West declined by 15.2% and the Midwest declined by 21.1% in multifamily permits during this time. Between December 2022 YTD and December 2023 YTD, except for Hawaii (+16.7%), Maryland (+8.7%), Nevada (+5.8%), West Virginia (+4.7%), Virginia (0.8%), North Carolina (0.7%), and Alabama (0.0%), all other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 0.1% in Idaho to 59.4% in the District of Columbia. 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 6.5% in the past 12 months; The succeeding highest state, Florida saw a decline of 6.9% while the next highest, North Carolina, posted an increase of 0.7%. For 2023, the total number of multifamily permits issued nationwide reached 561,369. This is 17.4% below the December 2022 level of 679,898. Between December 2022 YTD and December 2023 YTD, 15 states recorded growth in multifamily permits, while 35 states and the District of Columbia recorded a decline. Delaware (+96.3%) led the way with a sharp rise in multifamily permits from 562 to 1,103, while Wyoming had the greatest decline of 74.2% from 1,044 to 269. The ten states issuing the highest number of multifamily permits combined accounted for 63.2% of the multifamily permits issued. Over the last 12 months, Texas, the state with the highest number of multifamily permits issued, experienced a decline of 24.0%. Following closely, the second-highest state in multifamily permits, Florida, saw a decline of 12.4%. California, the third largest multifamily issuing state, declined by 3.4%. At the local level, below are the top ten metro areas that issued the highest number of single-family permits. Top 10 Largest Single-Family Markets Dec-23 (# of units YTD, NSA) YTD % Change (compared to Dec-22) Houston-The Woodlands-Sugar Land, TX                                         50,014 5% Dallas-Fort Worth-Arlington, TX                                         42,543 -2% Phoenix-Mesa-Scottsdale, AZ                                         24,810 -8% Atlanta-Sandy Springs-Roswell, GA                                         23,972 -9% Charlotte-Concord-Gastonia, NC-SC                                         19,088 1% Orlando-Kissimmee-Sanford, FL                                         17,035 5% Austin-Round Rock, TX                                         16,738 -22% Tampa-St. Petersburg-Clearwater, FL                                         14,827 -5% Nashville-Davidson–Murfreesboro–Franklin, TN                                         14,169 -7% Jacksonville, FL                                         12,402 -14% For multifamily permits, below are the top ten local areas that issued the highest number of permits.  Top 10 Largest Multifamily Markets Dec-23 (# of units YTD, NSA) YTD % Change (compared to Dec-22) New York-Newark-Jersey City, NY-NJ-PA                                         28,226 -39% Dallas-Fort Worth-Arlington, TX                                         24,014 -29% Austin-Round Rock, TX                                         21,861 -4% Phoenix-Mesa-Scottsdale, AZ                                         20,827 1% Los Angeles-Long Beach-Anaheim, CA                                         18,881 -13% Houston-The Woodlands-Sugar Land, TX                                         18,322 -35% Miami-Fort Lauderdale-West Palm Beach, FL                                         15,947 21% Atlanta-Sandy Springs-Roswell, GA                                         14,617 -30% Washington-Arlington-Alexandria, DC-VA-MD-WV                                         12,189 -41% Denver-Aurora-Lakewood, CO                                         11,651 -13% ‹ Inflation Remains Sticky due to Persistent Housing CostsTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family and Multifamily Permits Down in 20232024-02-14T09:14:59-06:00

Employment Situation in December: State-Level Analysis

2024-01-23T12:24:22-06:00

Nonfarm payroll employment increased in 39 states and the District of Columbia in December compared to the previous month, while 11 states saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 216,000 in December, following a gain of 173,000 jobs in November. On a month-over-month basis, employment data was most favorable in California, which added 23,400 jobs, followed by Texas (+19,100), and then Florida (+16,500). A total of 28,700 jobs were lost across thirteen states, with Virginia reporting the steepest job losses at 11,800.  In percentage terms, employment in Alaska increased the highest at 0.5%, while Vermont saw the biggest decline at 0.6% between November and December. Year-over-year ending in December, 2.7 million jobs have been added to the labor market. Except for Mississippi, all other states and the District of Columbia added jobs compared to a year ago. The range of job gains spanned from 1,400 jobs in Vermont to 369,600 jobs in Texas.  Conversely, Mississippi lost 7,800 jobs on a year-over-year basis. In percentage terms, Nevada reported the highest increase at 3.8%, while Mississippi showed the largest decrease at 0.7% compared to a year ago. Across the nation, construction sector jobs data[1]—which includes both residential and non-residential construction— showed that 32 states reported an increase in December compared to November, while 16 states and the District of Columbia lost construction sector jobs. The remaining two, Alaska and Indiana reported no change on a month-over-month basis. New Jersey, with the highest increase, added 3,800 construction jobs, while Ohio, on the other end of the spectrum, lost 4,100 jobs. Overall, the construction industry added a net 17,000 jobs in December compared to the previous month. In percentage terms, South Dakota reported the highest increase at 4.1% and the District of Columbia reported the largest decline at 1.9%. Year-over-year, construction sector jobs in the U.S. increased by 197,000, which is a 2.5% increase compared to the December 2022 level. Texas added 32,800 jobs, which was the largest gain of any state, while New York lost 15,600 construction sector jobs. In percentage terms, South Dakota had the highest annual growth rate in the construction sector at 20.8%. Over this period, New York reported the largest decline of 3.9%. [1] For this analysis, BLS combined employment totals for mining, logging, and construction are treated as construction employment for the District of Columbia, Delaware, and Hawaii. ‹ U.S. Population Growth Returns to Pre-Pandemic LevelsTags: construction labor, economics, state and local markets, state employment

Employment Situation in December: State-Level Analysis2024-01-23T12:24:22-06:00

Employment Situation in November: State-Level Analysis

2024-01-05T09:26:11-06:00

Nonfarm payroll employment increased in 37 states and the District of Columbia in November compared to the previous month, while 13 states lost jobs. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 199,000 in November, following a gain of 150,000 jobs in October. On a month-over-month basis, employment data was most favorable in Florida, which added 30,900 jobs, followed by Texas (+26,800), and Georgia (+14,300). Thirteen states lost a total of 45,500 jobs with Oregon reporting the steepest job losses at 7,300.  In percentage terms, employment in Alabama increased by 0.6% while Oregon reported a 0.4% decline between October and November. Year-over-year ending in November, 2.8 million jobs have been added to the labor market. Except for Rhode Island and Mississippi, all other states and the District of Columbia added jobs compared to a year ago. The range of job gains spanned from 407,100 jobs in Texas to 3,700 jobs in Alaska. Rhode Island and Mississippi lost a total of 7,800 jobs on a year-over-year basis. In percentage terms, Nevada reported the highest increase at 3.5%, while Mississippi showed the largest decreased at 0.6% compared to a year ago. Across the nation, construction sector jobs data[1]—which includes both residential and non-residential construction— showed that 27 states reported an increase in November compared to October, while 20 states and the District of Columbia lost construction sector jobs. The remaining three, Alaska, Georgia, and Louisiana, reported no change on a month-over-month basis. Texas, with the highest increase, added 9,200 construction jobs, while New York, on the other end of the spectrum, lost 5,200 jobs. Overall, the construction industry added a net 2,000 jobs in November compared to the previous month. In percentage terms, Oklahoma reported the highest increase at 2.7%and Ohio reported the largest decline at 1.5%. Year-over-year, construction sector jobs in the U.S. increased by 200,000, which is a 2.6% increase compared to the November 2022 level. Texas added 35,700 jobs, which was the largest gain of any state, while New York lost 6,300 construction sector jobs. In percentage terms, Kentucky had the highest annual growth rate in the construction sector at 14.5%. Over this period, North Dakota reported a decline of 8.2%. [1] For this analysis, BLS combined employment totals for mining, logging, and construction are treated as construction employment for the District of Columbia, Delaware, and Hawaii. ‹ State-Level GDP in the Third Quarter of 2023Tags: construction labor, economics, state and local markets, state employment

Employment Situation in November: State-Level Analysis2024-01-05T09:26:11-06:00

Single-Family Permits Down in October 2023

2023-12-15T09:19:06-06:00

Over the first ten months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 773,526. On a year-over-year (YoY) basis, this is 10.7% below the October 2022 level of 865,815. Year-to-date ending in October, single-family permits declined in all four regions. The range of permit decline spanned 8.6% in the Northeast to 16.1% in the West. The South declined by 8.7% and the Midwest declined by 11.2% in single-family permits during this time. For multifamily permits, the percentage decline spanned 12.0% in the South region to 26.0% in the Northeast. The West declined by 16.4% and the Midwest declined by 22.1% in multifamily permits during this time. Between October 2022 YTD and October 2023 YTD, except for Hawaii (+18.6%) and Maryland (+7.9%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 1.6% in New Hampshire to 47.8% in the District of Columbia. The ten states issuing the highest number of single-family permits combined accounted for 63.8% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 11.0% in the past 12 months while the next two highest states, Florida and North Carolina declined by 10.2% and 2.9% respectively. Year-to-date, ending in October, the total number of multifamily permits issued nationwide reached 481,612. This is 16.3% below the October 2022 level of 575,671. Between October 2022 YTD and October 2023 YTD, 12 states recorded growth, while 38 states and the District of Columbia recorded a decline in multifamily permits. Delaware (+64.9%) led the way with a sharp rise in multifamily permits from 373 to 615 while Wyoming had the largest decline of 80.9% from 1,016 to 194. The ten states issuing the highest number of multifamily permits combined accounted for 63.7% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 21.4% in the past 12 months while the next two highest states, Florida and California declined by 9.0% and 1.5% respectively. 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 Oct-23 (# of units YTD, NSA) YTD % Change (compared to Oct-22) Houston-The Woodlands-Sugar Land, TX                                         43,270 1% Dallas-Fort Worth-Arlington, TX                                         35,826 -8% Atlanta-Sandy Springs-Roswell, GA                                         20,519 -14% Phoenix-Mesa-Scottsdale, AZ                                         20,436 -16% Charlotte-Concord-Gastonia, NC-SC                                         16,241 -3% Orlando-Kissimmee-Sanford, FL                                         14,748 5% Austin-Round Rock, TX                                         14,390 -27% Tampa-St. Petersburg-Clearwater, FL                                         12,226 -11% Nashville-Davidson–Murfreesboro–Franklin, TN                                         12,083 -11% Jacksonville, FL                                         10,822 -14% For multifamily permits, below are the top ten local areas that issued the highest number of permits.  Top 10 Largest MF Markets Oct-23 (# of units YTD, NSA) YTD % Change (compared to Oct-22) New York-Newark-Jersey City, NY-NJ-PA                                         24,551 -39% Dallas-Fort Worth-Arlington, TX                                         21,484 -26% Austin-Round Rock, TX                                         18,753 -9% Phoenix-Mesa-Scottsdale, AZ                                         16,746 2% Houston-The Woodlands-Sugar Land, TX                                         16,727 -31% Los Angeles-Long Beach-Anaheim, CA                                         15,950 -14% Miami-Fort Lauderdale-West Palm Beach, FL                                         15,530 37% Atlanta-Sandy Springs-Roswell, GA                                         13,796 -19% Washington-Arlington-Alexandria, DC-VA-MD-WV                                         10,494 -38% Seattle-Tacoma-Bellevue, WA                                           9,577 -44% ‹ Share of Bedrooms in New Single-Family Homes in 2022Tags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Down in October 20232023-12-15T09:19:06-06:00

State-Level GDP in the Second Quarter of 2023

2023-12-06T09:23:35-06:00

Real gross domestic product (GDP) increased in 44 states and the District of Columbia in the second quarter of 2023. Economic activity contracted in six states. According to the U.S. Bureau of Economic Analysis (BEA), the percent change in real GDP increased ranged from 8.7 percent in Wyoming to -1.9 percent in Vermont. Nationwide, growth in real GDP, measured on a seasonally adjusted annual rate basis, increased 2.1 percent in the second quarter of 2023, after an increase of 2.2 percent in the first quarter of 2023. Utilities; professional, scientific, and technical services; durable-goods manufacturing; and mining were the leading contributors to the increase in real GDP across the country. Regionally, real GDP growth increased in all the regions from the first quarter of 2023 to the second quarter. The percent change in real GDP ranged from 4.3 percent increase in the Southwest region (Arizona, New Mexico, Oklahoma, and Texas) to 1.3 percent increase in the Mideast (Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania) region. Overall, 13 out of 21 industry groups [i]contributed to the increase in real GDP. Utilities; mining, quarrying, and oil and gas extraction; and transportation and warehousing were the leading contributors to the increase in real GDP in the second quarter of 2023. On the other hand, accommodation and food services decreased in 49 states and the District of Columbia. At the state level, utilities increased in all 50 states and the District of Columbia and was the leading contributor to growth in 22 states. Mining was the leading contributor to growth in eight states, including Wyoming (8.7 percent), the state with the largest increase in real GDP. Agriculture, forestry, fishing, and hunting was the leading contributor to growth in 6 states, including Kansas (7.4 percent) and Nebraska (5.9 percent), the states with the second- and third-largest increases in real GDP, respectively. Accommodation and food services was the leading contributor to the decrease in Vermont (-1.9 percent), the state with the largest decline in real GDP. [i] BEA prepares quarterly estimates for 23 industry groups. For this analysis, Federal Civilian, Military, and State and Local are combined under “Government and government enterprises”. ‹ Job Openings Fall – But Not For ConstructionTags: gdp, macroeconomics, state and local markets, state GDP

State-Level GDP in the Second Quarter of 20232023-12-06T09:23:35-06:00

Single-Family Permits Down in September 2023

2023-11-15T09:18:56-06:00

Over the first nine months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 693,908. On a year-over-year (YoY) basis, this is 13.3% below the September 2022 level of 800,424. Year-to-date ending in September, single-family permits declined in all four regions. The range of permit decline spanned 10.8% in the Northeast to 19.3% in the West. The South declined by 11.3% and the Midwest declined by 13.3% in single-family permits during this time. For multifamily permits, the percentage decline spanned 11.4% in the South region to 29.9% in the Northeast. The West declined by 15.3% and the Midwest declined by 20.1% in multifamily permits during this time. Between September 2022 YTD and September 2023 YTD, except for Hawaii (+16.9%) and Maryland (+6.4%), all the other states and the District of Columbia reported declines in single-family permits. The range of declines spanned 4.1% in New Hampshire to 49.2% 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 14.3% in the past 12 months while the next two highest states, Florida and North Carolina declined by 12.0% and 5.5% respectively. Year-to-date, ending in September, the total number of multifamily permits issued nationwide reached 433,862. This is 16.1% below the September 2022 level of 516,955. Between September 2022 YTD and September 2023 YTD, 15 states recorded growth, while 35 states and the District of Columbia recorded a decline in multifamily permits. Delaware (+141.3%) led the way with a sharp rise in multifamily permits from 240 to 579 while Wyoming had the largest decline of 74.9% from 566 to 142. The ten states issuing the highest number of multifamily permits combined accounted for 64.0% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 20.6% in the past 12 months while the next two highest states, Florida declined by 6.1% and California increased by 0.2%. 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 Sep-23 (# of units YTD, NSA) YTD % Change (compared to Sep-22) Houston-The Woodlands-Sugar Land, TX                                           39,007 -1% Dallas-Fort Worth-Arlington, TX                                           31,938 -12% Atlanta-Sandy Springs-Roswell, GA                                           18,734 -14% Phoenix-Mesa-Scottsdale, AZ                                           18,145 -22% Charlotte-Concord-Gastonia, NC-SC                                           14,686 -5% Orlando-Kissimmee-Sanford, FL                                           13,321 2% Austin-Round Rock, TX                                           13,001 -29% Nashville-Davidson–Murfreesboro–Franklin, TN                                           11,033 -14% Tampa-St. Petersburg-Clearwater, FL                                           10,904 -14% Jacksonville, FL                                             9,707 -15% For multifamily permits, below are the top ten local areas that issued the highest number of permits. Top 10 Largest MF Markets Sep-23 (# of units YTD, NSA) YTD % Change (compared to Sep-22) New York-Newark-Jersey City, NY-NJ-PA                                           22,707 -42% Dallas-Fort Worth-Arlington, TX                                           18,725 -22% Austin-Round Rock, TX                                           16,008 -14% Houston-The Woodlands-Sugar Land, TX                                           15,277 -27% Phoenix-Mesa-Scottsdale, AZ                                           15,192 10% Los Angeles-Long Beach-Anaheim, CA                                           15,179 -5% Miami-Fort Lauderdale-West Palm Beach, FL                                           14,025 33% Atlanta-Sandy Springs-Roswell, GA                                           12,229 -18% Washington-Arlington-Alexandria, DC-VA-MD-WV                                             9,422 -39% Seattle-Tacoma-Bellevue, WA                                             8,557 -44% Related ‹ Inflation Cools While Shelter Costs Remain HighTags: home building, multifamily, single-family, state and local markets, state permits

Single-Family Permits Down in September 20232023-11-15T09:18:56-06:00

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