Single-Family Permits Decline in July 2023
Danushka Nanayakkara-Skillington2023-09-15T09:16:54-05:00Over 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% Phoenix-Mesa-Scottsdale, AZ 13,302 -33% Charlotte-Concord-Gastonia, NC-SC 11,174 -13% Orlando-Kissimmee-Sanford, FL 10,020 -9% Austin-Round Rock, TX 9,202 -39% Nashville-Davidson–Murfreesboro–Franklin, TN 8,669 -17% Tampa-St. Petersburg-Clearwater, FL 8,050 -22% Raleigh, NC 7,639 -10% 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% Phoenix-Mesa-Scottsdale, AZ 11,608 7% 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% Washington-Arlington-Alexandria, DC-VA-MD-WV 7,347 -27% Denver-Aurora-Lakewood, CO 7,148 -16% Related ‹ Building Materials Prices Remain Stable but Diesel Skyrockets 40% in AugustTags: home building, multifamily, single-family, state and local markets, state permits