Multifamily Permits Rise in Northeast, Midwest, Fall in South, West
The South posted a decline of 32.5% and the West declined by 27.9%.
Multifamily permits issued in January rose year-over-year in the Northeast and Midwest and fell in the South and West, according to a report from the National Association of Homebuilders
The Northeast was up by 64.5% and the Midwest increased by 13.6%. The South posted a decline of 32.5% and the West declined by 27.9%.
The 10 largest multifamily markets were New York, Dallas-Fort Worth, Phoenix, Austin, Miami, Orlando, Houston, Los Angeles, Cape Coral, and Boston, respectively.
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.
For multifamily, Wyoming was the top percentage gainer at 377.8%. Texas had the highest number of multifamily permits issued but 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%.
The same report found that single-family permits in January this year are up 43.1% compared to the year earlier, with increases found in all four US regions.
They were up most in the West (67%), followed by the South at 39.4%, the Midwest (36.5%) and the Northeast (19.4%).
The 10 largest single-family markets were Houston, Dallas-Fort Worth, Phoenix, Atlanta, Tampa, Austin, Charlotte, Jacksonville, Lakeland, and Nashville, respectively.
Forty-four states posted an increase in single-family permits and five states and the District of Columbia reported declines.
The range of increases spanned 128% in Nevada to 2.4% in Mississippi.
The 10 states issuing the highest number of single-family permits combined accounted for 67.7% of the total single-family permits issued with Texas on top at 12,707 permits over January, which is an increase of 55.8% compared to January 2023.
Florida ranked second with an increase of 40.4% and North Carolina followed with an increase of 30.6%.
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