Single-Family Permits Performing Well in February 2024
In the initial two months of 2024, the cumulative count of single-family permits granted nationwide stood at 155,236. Compared to February 2023, this reflects a notable 38.4% surge in year-over-year issuance, which was at 112,131.
According to the NAHB, year-to-date ending in February, single-family permits were up in all four regions. The range of permit increase spanned 54.2% in the West to 22.2% in the Northeast. The Midwest was up by 42.7% and the South was up by 34.6% in single-family permits during this time. For multifamily permits, the regions were split, with half posting increases and the other posting decreases. The Northeast was up by 95.7% and the Midwest was up by 15.2%, while the South posted a decline of 39.0% and the West declined by 37.7%.
Between February 2024 YTD and February 2023 YTD, 48 states posted an increase in single-family permits. Rhode Island, Alaska, and the District of Columbia reported declines in single-family permits. The range of increases spanned 106.4% in Montana to 3.3% in North Dakota. The ten states issuing the highest number of single-family permits combined accounted for 66.6% of the total single-family permits issued. Texas, the state with the highest number of single-family permits, issued 26,454 permits over the first two months of 2024, which is an increase of 49.0% compared to the same period last year. The succeeding highest state, Florida, was up by 27.2% while the next highest, North Carolina, posted an increase of 25.4%
