Chart: Single-Family Permits Down in May 2022
Over the first five months of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 473,997. On a year-over-year (YoY) basis, this is a 2.0% decline over the May 2021 level of 483,878.
Year-to-date ending in May, single-family permits declined in three out of the four regions. The South posted a moderate increase of 1.0% while the Northeast region reported the steepest decline of 11.7%. The Midwest declined by 11.2% and the Western region reported a 2.2% decline in single-family permits during this time. Multifamily permits posted increases in all four regions. Permits were 39.3% higher in the Midwest, 20.2% higher in the South, 10.9% higher in the West, and 1.8% higher in the Northeast.
Between May 2021 YTD and May 2022 YTD, 12 states saw growth in single-family permits issued. New Mexico recorded the highest growth rate during this time at 42.2% going from 2,502 permits to 3,558. Thirty-eight states and the District of Columbia reported a decline in single-family permits during this time with the District of Columbia posting the steepest decline of 25.5% going from 208 permits to 155. The ten states issuing the highest number of single-family permits combined accounted for 64.4% of the total single-family permits issued.
Year-to-date, ending in May 2022, the total number of multifamily permits issued nationwide reached 265,751. This is 17.3% ahead over the May 2021 level of 226,634.
Between May 2021 YTD and May 2022 YTD, 33 states recorded growth while 17 states and the District of Columbia recorded a decline in multifamily permits. Indiana led the way with a sharp rise (274.6%) in multifamily permits from 1,134 to 4,248 while Delaware had the largest decline of 81.4% from 649 to 121. The ten states issuing the highest number of multifamily permits combined accounted for 62.6% 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: