Single-Family Permits Down 31% in Q1 2023
Over the first three months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 191,695. On a year-over-year (YoY) basis, this is 31.1% below the March 2022 level of 278,189.
Year-to-date ending in March, single-family permits declined in all four regions. The Northeast posted a decline of 20.5%, while the West region reported the steepest decline of 40.9%. The Midwest declined by 30.2% and the South declined by 28.4% in single-family permits during this time. The South posted an increase of 17.0% in multifamily permits and while the other three regions posted declines. Multifamily permits in the West were down 7.4%, Northeast down 28.4%, and down in the Midwest by 14.7%.
Between March 2022 YTD and March 2023 YTD, all the states and the District of Columbia reported declines in single-family permits ranging from 0.8% in New Jersey to 67.8% in Montana. The ten states issuing the highest number of single-family permits combined accounted for 65.7% of the total single-family permits issued. Texas, the state with the highest number of single-family permits declined 36.6% in the past 12 months while the next two highest states, Florida and North Carolina declined by 26.1% and 19.3% respectively.
Year-to-date, ending in March, the total number of multifamily permits issued nationwide reached 152,417. This is 0.8% below the March 2022 level of 153,720.
Between March 2022 YTD and March 2023 YTD, 25 states and the District of Columbia recorded growth, while 25 states recorded a decline in multifamily permits. North Dakota led the way with a sharp rise in multifamily permits from 25 to 429 while Hawaii had the largest decline of 78.0% from 626 to 138. The ten states issuing the highest number of multifamily permits combined accounted for 66.0% of the multifamily permits issued.
At the local level, below are the top ten metro areas that issued the highest number of single-family permits.
|Top 10 Largest SF Markets||Mar-23 (# of units YTD, NSA)||YTD % Change
(compared to Mar-22)
|Houston-The Woodlands-Sugar Land, TX||11,036||-27%|
|Dallas-Fort Worth-Arlington, TX||7,711||-41%|
|Atlanta-Sandy Springs-Roswell, GA||5,315||-31%|
|Austin-Round Rock, TX||3,428||-47%|
|Tampa-St. Petersburg-Clearwater, FL||3,182||-15%|
For multifamily permits, below are the top ten local areas that issued the highest number of permits.
|Top 10 Largest MF Markets||Mar-23 (# of units YTD, NSA)||YTD % Change
(compared to Mar-22)
|New York-Newark-Jersey City, NY-NJ-PA||8,478||-38%|
|Dallas-Fort Worth-Arlington, TX||6,654||-10%|
|Houston-The Woodlands-Sugar Land, TX||6,235||22%|
|Miami-Fort Lauderdale-West Palm Beach, FL||5,971||171%|
|Atlanta-Sandy Springs-Roswell, GA||4,930||30%|
|Austin-Round Rock, TX||4,473||-18%|
|Los Angeles-Long Beach-Anaheim, CA||3,792||1%|