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Single-Family Permits Surge as Multifamily Construction Faces Slowdown

However, the impact of the housing shortage will take years to materialize.

By Mario Marroquin | December 18, 2024 at 06:49 AM

Single-family construction permits surged across the U.S. through October, signaling a shift in the housing market as developers ramp up activity ahead of the new year. According to a report from the National Association of Home Builders (NAHB), the single-family sector saw widespread growth, particularly in the West and Midwest, while multifamily construction contracted sharply in most regions.

The West led the charge in single-family construction, with a 13.6% year-to-date (YTD) increase in new permits, reflecting ongoing demand for new homes. The Midwest followed with a 12.4% increase, and the Northeast saw a more modest but significant 10.8% rise in permits compared to October 2023. The South, however, posted a smaller growth rate of 7.2%, indicating more stabilized or slower-paced development in some regions.

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