Chart: Supply Chain Woes Slow Permits in January
Over the first month of 2022, the total number of single-family permits issued year-to-date (YTD) nationwide reached 83,404. On a year-over-year (YoY) basis, this is a 0.6% decline over the January 2021 level of 83,921.
Year-to-date ending in January, single-family permits declined in three out of the four regions. The South posted a small increase of 0.9% while the Northeast region reported the steepest decline of 7.8%. The Midwest declined by 4.5%, followed by the Western region (-1.0%). Multifamily permits posted increases in the Midwest (+54.0%) and the South (+25.0%) and declined in the West (-2.6%) and the Northeast region (-32.5%) in January compared to last year.
Between January 2021 YTD and January 2022 YTD, 20 states and the District of Columbia saw growth in single-family permits issued. Montana recorded the highest growth rate during this time at 61.1% going from 144 permits to 232. Thirty states reported a decline in single-family permits during this time with North Dakota posting the steepest decline of 31.3%. The ten states issuing the highest number of single-family permits combined accounted for 66.3% of the total single-family permits issued.
Year-to-date, ending in January 2022, the total number of multifamily permits issued nationwide reached 48,912. This is 8.9% ahead over the January 2021 level of 44,916.
Between January 2021 YTD and January 2022 YTD, 28 states recorded growth while 22 states and the District of Columbia recorded a decline in multifamily permits. Iowa led the way with a sharp rise (604.3%) in multifamily permits from 23 to 162 while North Dakota had the largest decline of 98.7% from 156 to two. The ten states issuing the highest number of multifamily permits combined accounted for 65.2% 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: