Single-family permits during the first eight months of the year rose 6.9% with most of the gains posted in the Midwest, South, and West regions. Simultaneously, permits for multifamily construction saw a perhaps pandemic induce decline of 6.2% compared with the comparable 2019 year-to-date period.
Between August 2019 YTD and August 2020 YTD, 34 states saw growth in single-family permits issued while 15 states and the District of Columbia registered a decline. Georgia recorded no change during this time. South Dakota recorded the highest growth rate during this time at 32.9% from 1,838 to 2,442 while single-family permits in the District of Columbia declined by 29.3%, from 123 in 2019 to 87 in 2020. The 10 states issuing the highest number of single-family permits combined accounted for 61.5% of the total single-family permits issued.
Advertisement
Related Stories
Affordability
Data Show Most Americans Are Struggling to Afford a Home
40.5 million households can only afford to purchase a $150,000 home
Single-Family Homes
US Single-Family Housing Inventory Is Up but Still Below Pre-Pandemic Levels
Housing inventory increased by 83% from the record low for the same week in 2021
Build to Rent
Single-Family Rent Growth Remains Elevated, Despite Dip in Multifamily Rental Rates
Multifamily rent growth, specifically, is decelerating since its year-over-year peak of +16.3% in 2022, but in many markets, single-family rents are continuing to rise