Single-Family Permitting Activity Remains Weak

Residential permitting activity continued on its downward trend in the first few months of the year. According to the National Association of Home Builders, the number of single-family permits reached 214,655 nationwide over the first three months of the year, representing a 7.6% decline year-over-year.

Multifamily permitting activity, on the other hand, was much stronger. Nationwide, there were 121,404 permits issued nationwide, marking a 7.1% increase from the same period last year.

Single-family permitting declined across the U.S.

Year-to-date, all four regions recorded declines in single-family permitting through March, though permitting activity in the Midwest was essentially flat. Permits in the South declined by 7.4%, and in the West, they fell by 9.3%. In the Northeast, they fell the furthest at 17.1%.

However, some states saw permitting activity increase

At the state level, 12 states recorded year-over-year increases in single-family permits in March, with gains ranging from 18.6% in Alabama to 0.2% in Minnesota. In fact, the top 10 states issuing the highest number of single-family permits accounted for 63.7% of all single-family permits issued nationwide.