US Single-Family Permits Surge in February 2024

In the first two months of 2024, the total number of single-family permits issued nationwide year-to-date (YTD) reached 155,236. On a year-over-year (YoY) basis, this is a 38.4% rise from the February 2023 level of 112,131.

Single-family permits increased year to date in all four regions through February. The permit increase ranged between 54.2% in the West and 22.2% in the Northeast.

During this time, single-family permits in the Midwest increased by 42.7%, while in the South they increased by 34.6%.

For multifamily permits, the regions were divided, with half publishing increases and the other posting declines.

The Northeast increased by 95.7%, the Midwest by 15.2%, while the South decreased by 39.0% and the West sank by 37.7%.

Between February 2024 and February 2023, 48 states increased the number of single-family permits. Single-family permits in Rhode Island, Alaska, and the District of Columbia have all declined. The range of increases was from 106.4% in Montana to 3.3% in North Dakota.

The ten states with the most single-family permits combined accounted for 66.6% of all single-family permits issued. Texas, the state with the most single-family permits, issued 26,454 permits in the first two months of 2024, up 49.0% from the same period last year.

Florida, the next highest state, increased by 27.2%, while North Carolina increased by 25.4%.

The total number of multifamily permits issued countrywide through February reached 78,259. This is 22.2% lower than the February 2023 figure of 100,633.

Between February 2024 and February 2023, 21 states saw an increase in multifamily permits, while 29 states and the District of Columbia saw a decrease.

Delaware (+485.3%) led the way with a sharp increase in multifamily permits from 34 to 199, while Alaska experienced the biggest decrease of 93.9% from 82 to five.

The 10 states that issued the most multifamily permits accounted for 65.3% of all multifamily permits issued.

Texas, which has the most multifamily permits issued, saw a 40.0% decrease in the first two months of 2024.

New York, the state with the second-highest number of multifamily permits, witnessed a 292.8% increase. Florida, the third-largest multifamily issuing state, fell 45.5%.

Locally, the top ten metro regions that issued the most single-family permits are listed below.

The following are the top ten local areas that issued the most multifamily permits.

(Read more about this topic on Eyeonhousing.org)