U.S. Housing Permit Growth in First Seven Months of 2024
The total number of single-family permits issued across the U.S. during the first seven months of 2024 reached 599,308, reflecting a 13.7% increase compared to the same period in 2023, when 527,158 permits were issued.
Regional Single-Family Permit Growth
From January to July 2024, single-family permit growth was observed in all four major regions:
- West: 18.2% increase
- Midwest: 14.5% increase
- South: 12.4% increase
- Northeast: 9.8% increase
This upward trend indicates a nationwide surge in single-family homebuilding, driven by strong demand and favorable conditions in most markets.
Regional Multifamily Permit Trends
The multifamily permit landscape, however, experienced mixed results. While the Northeast, boosted by growth in New York, posted a significant 32% increase in multifamily permits, other regions saw declines:
- West: 31.2% decrease
- South: 22.7% decrease
- Midwest: 9.3% decrease
Overall, the total number of multifamily permits nationwide reached 279,618, a 17.2% decrease compared to the 337,730 permits issued by July 2023.
State-Level Trends: Single-Family Permits
From July 2023 to July 2024, 47 states and the District of Columbia recorded an increase in single-family permits. The increases ranged from a high of 39.4% in Arizona to a modest 2.1% in Rhode Island. Three states experienced declines:
- New Hampshire: -0.2%
- Hawaii: -2.7%
- Alaska: -10.4%
The ten states issuing the most single-family permits accounted for 64.0% of the total. Leading the pack was Texas, with 97,551 permits, representing a 15.6% increase over the same period in 2023. Florida followed with a 9.5% increase, and North Carolina showed an 11.8% increase.
State-Level Trends: Multifamily Permits
In contrast to single-family trends, only 18 states reported growth in multifamily permits, while 32 states and the District of Columbia experienced declines. Notable changes include:
- New York: +117.4%, from 10,110 permits to 21,981
- District of Columbia: -68.7%, from 1,969 permits to 616
The ten states issuing the most multifamily permits accounted for 64.7% of the total. Texas, the leading state, saw a 30.4% decline in multifamily permits. Florida, the second-highest state, experienced a 24.4% drop, while California, the third-highest state, recorded a 27.5% decrease.
Local Trends: Top Metro Areas
While local-level data reveals the top metro areas for single-family and multifamily permits, specific rankings and permit counts offer insights into growth hotspots and areas of decline.
Key Takeaways
- Single-family permits saw substantial growth across all regions, with the West showing the largest increase at 18.2%.
- Multifamily permits faced broad declines, except in the Northeast, driven by a sharp rise in New York.
- Texas and Florida continue to lead in both single-family and multifamily permits, despite declines in the latter.
This data underscores the ongoing demand for single-family homes, while multifamily construction continues to face challenges across most states, reflecting broader shifts in the housing market.
