Over the first five months of 2023, the total number of U.S. single-family permits issued year-to-date (YTD) nationwide reached 357,143. On a year-over-year (YoY) basis, this is 24.7% below the May 2022 level of 473,997, according to the National Association of Home Builders (NAHB).
Image: NAHB
Year-to-date ending in May, single-family permits declined in all four regions. The Northeast posted the lowest decline of 14.7%, while the West region reported the steepest decline of 33.5%. The Midwest declined by 23.9% and the South declined by 22.3% in single-family permits during this time. For multifamily permits, the South is the only region to post a modest increase of 3.2% while the other three regions posted declines. Multifamily permits in the West were down 7.8%, down in the Northeast by 21.7%, and down in Midwest by 23.3%.
Between May 2022 YTD and May 2023 YTD, except for Hawaii, all the other states and the District of Columbia reported declines in single-family permits. Hawaii posted a 25.3% increase while the other states posted declines ranging from 0.5% in New Jersey to 64.6% in Alaska. The ten states issuing the highest number of single-family permits combined accounted for 64.4% of the total single-family permits issued. Texas, the state with the highest number of single-family permits issued, declined 27.6% in the past 12 months while the next two highest states, Florida and North Carolina declined by 23.8% and 14.8% respectively.
Image: NAHB
Year-to-date, ending in May, the total number of multifamily permits issued nationwide reached 247,005. This is 7.1% below the May 2022 level of 265,751.
Between May 2022 YTD and May 2023 YTD, 19 states recorded growth, while 31 states and the District of Columbia recorded a decline in multifamily permits. North Dakota led the way with a sharp rise in multifamily permits from 105 to 668 while Hawaii had the largest decline of 62.0% from 737 to 280. The ten states issuing the highest number of multifamily permits combined accounted for 65.1% of the multifamily permits issued. Texas, the state with the highest number of multifamily permits issued, declined 5.8% in the past 12 months while the next two highest states, Florida and California increased by 7.8% and 2.2% respectively.
Image: NAHB
