Single-Family Permits Up in July 2024
In July 2024, single-family homebuilding activity demonstrated robust growth nationwide, with 599,308 permits issued year-to-date (YTD), reflecting a 13.7% increase compared to the same period in 2023. This upward trend was observed across all regions: the West saw an 18.2% rise, the Midwest increased by 14.5%, the South grew by 12.4%, and the Northeast experienced a 9.8% boost in single-family permits. Texas led the way with a notable 15.6% increase in permits, issuing a total of 97,551 permits, while Florida and North Carolina also reported significant gains. Despite this growth, some states like Hawaii and Alaska experienced declines in single-family permits.
In contrast, multifamily permits declined by 17.2% year-to-date, totaling 279,618 by July 2024, compared to the previous year’s figures. The multifamily sector saw a mixed regional performance, with the Northeast being the only region to report an increase, driven largely by a surge in New York. On the other hand, the West, South, and Midwest all recorded declines in multifamily permits. Notable declines were observed in Texas, Florida, and California, which are key players in the multifamily market. This divergence in permit trends highlights a strong resurgence in single-family housing development amidst a challenging environment for multifamily projects.