Home Industry News Single-family permits grow in Northeast

Single-family permits grow in Northeast

0
Single-family permits grow in Northeast
istock.com/courtneyk

Over the first eight months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 576,798. On a year-over-year (YoY) basis, this is a 3.7% decline over the August 2018 level of 599,117.

Year-to-date ending in August, single-family permits reported declines in three out of the four regions. Northeast was the only region to post a growth of 0.4%. The South, and West, and the Midwest declined by 1.6%, 6.6%, and 8.8% respectively, compared to the same time period in 2018. The Northeastern region had the highest growth in multifamily (17.2%) while the West recorded a decline in multifamily permits growth (-0.8%) during the last 12 months as housing affordability concerns reduce production of both single and multifamily residences.

Between August 2018 YTD and August 2019 YTD, 14 states and the District of Columbia saw growth in permits issued while 36 states registered a decline. The District of Columbia recorded the highest growth rate during this time at 59.7% from 77 to 123, while single-family permits in Montana declined by 23.0%, from 1884 in 2018 to 1451 in 2019. The 10 states issuing the highest number of permits combined accounted for 60.8% of the total permits issued.

Single-family permits declined in all regions of the U.S. in July.

Read more at NAHB’s Eye on Housing blog.