2022 February Permits Up 3.5% Over Previous Year
Originally Published by: NAHB — April 15, 2022
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Over the first two month of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 170,716. On a year-over-year (YoY) basis, this is a 3.5% increase over the February 2021 level of 164,901.
Year-to-date ending in February, single-family permits declined in two out of the four regions. The South posted an increase of 7.6% while the Midwest region reported the steepest decline of 7.0%. The Northeast declined by 4.7%. The Western region reported no change in single-family permits during this time. Multifamily permits posted increases in the Midwest (+29.3%), the South (+16.2%), and the West (+12.5%) and declined 12.3% in the Northeast region compared to last year.
Between February 2021 YTD and February 2022 YTD, 28 states and the District of Columbia saw growth in single-family permits issued. Montana recorded the highest growth rate during this time at 121.0% going from 286 permits to 632. Twenty-two states reported a decline in single-family permits during this time with Pennsylvania posting the steepest decline of 26.7%. The ten states issuing the highest number of single-family permits combined accounted for 66.2% of the total single-family permits issued.
Year-to-date, ending in February 2022, the total number of multifamily permits issued nationwide reached 92,818. This is 11.7% ahead over the February 2021 level of 83,110.
Between February 2021 YTD and February 2022 YTD, 28 states recorded growth while 21 states and the District of Columbia recorded a decline in multifamily permits. Iowa reported no change during this time. Nebraska led the way with a sharp rise (419.9%) in multifamily permits from 171 to 889 while North Dakota had the largest decline of 98.8% from 170 to two. The ten states issuing the highest number of multifamily permits combined accounted for 63.7% of the multifamily permits issued.
At the local level, below are top ten metro areas that issued the highest number of single-family permits.
For multifamily permits, below are the top ten local areas that issued the highest number of permits: