Strong Rebound in Single-Family Permits to Start 2024
In January 2024, the total number of single-family permits issued year to date (YTD) nationwide reached 75,906 — an increase of 43.1% over the January 2023 level of 53,062.
Single-family permits were up in all four regions in January. Permit increases spanned from 67% in the West to 19.4% in the Northeast. The South was up by 39.4%, and the Midwest was up by 36.5%.
For multifamily permits, the regions were split, with half posting increases and the other posting decreases. The Northeast was up by 64.5%, and the Midwest was up by 13.6%. The South posted a decline of 32.5%, and the West declined by 27.9% in multifamily permits during this time.
Forty-four states posted an increase in single-family permits in January 2024 compared to January 2023. Increases ranged from 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.
The total number of multifamily permits issued nationwide reached 38,870 YTD ending in January. This is 18.9% below the January 2023 level of 47,936.
Twenty-one 21 states recorded growth in multifamily permits in January 2024 compared to January 2023, while 29 states and the District of Columbia recorded a decline. Wyoming had a sharp rise in multifamily permits from nine to 43 (+377.8%), while Alaska had the greatest decline from 54 to zero. The 10 states issuing the highest number of multifamily permits combined accounted for 68.1% of the multifamily permits issued.
NAHB Assistant Vice President for Forecasting and Analysis Danushka Nanayakkara-Skillington provides more insights, including the top 10 markets for single-family and multifamily permits, in this Eye on Housing post.
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