Read Full Article: Permits Rise in January 2018
BY DANUSHKA NANAYAKKARA-SKILLINGTON on MARCH 19, 2018
Over the first month of 2018, the total number of single-family permits issued nationwide reached 61,767. On a year-over-year basis, this is a 15.1% increase over the January 2017 level of 53,648. The results from the SOC are similar, single-family permits over the first month of 2018 was, 61,100 which is 14.0% ahead of its level over the same period of 2017, 53,600*.
Between January 2017 to January 2018, 32 states and the District of Columbia saw growth in single-family permits issued. Twenty states recorded a growth above 15.1% but 18 states had a decline in growth. Idaho had the highest growth rate during this time at 101.6% while single-family permits New Hampshire declined by 43.1%.
In the single-family sector, Texas led with 10,119 permits issued year-to-date in January 2018 and Florida was second with 7,300 during this time. Meanwhile the lowest number came from the District of Columbia with 21 permits. The 10 states issuing the highest number of single-family permits combined accounted for 65.0% of the single-family permits issued.
Year-to-date, ending in January 2018, the total number of multifamily permits issued nationwide reached 34,907. This is 3.6% ahead of its level over the first month of 2017, 33,679. The results from the SOC show an increase of 9.8% in multifamily permits over the first month of 2018, 37,000 compared to the same period of 2017, 33,700. Between January 2017 to January 2018, 27 states recorded growth while 23 states and the District of Columbia recorded a decline in multifamily permits. New Hampshire lead the way with a growth of 1,189.5%, from 19 to 245, while Mississippi had the largest decline of 95.6% from 455, to 20.
In the multifamily sector, Texas issued the highest number of permits in January 2018 at 5,088, with Florida and California issuing the second and third most multifamily permits year-to-date, 4,046 and 4,015 respectively. Meanwhile Wyoming issued the lowest number of multifamily permits at two. The 10 states issuing the highest number of multifamily permits combined accounted for 68.8% of the multifamily permits issued.
* The SOC is the source of the monthly New Residential Construction release.