In the first eleven months of 2022, the share of single-family building permits issued year-to-date reached a total of 921,626, down 10.5% year-over-year from the November 2021 total of 1,029,208, NAHB Eye on Housing reports. Single-family permits fell in all four regions, but the West reported the steepest decline of 13.9%.
Between November 2021 YTD and November 2022 YTD, just five states and the District of Columbia saw an uptick in single-family permits issued. On the contrary, multifamily permitting continued to post strong annual gains nationwide in November 2022.
The South posted a decline of 8.4%, while the West region reported the steepest decline of 13.9%. The Northeast declined by 10.2% and the Midwest declined by 13.6% in single-family permits during this time. On the other hand, multifamily permits posted increased in all but one region, Northeast (-1.4%). Permits were 25.2% higher in the South, 18.0% higher in the Midwest, and 5.6% higher in the West.
A Near Record Number of Housing Units Are Under Construction, but They’re Taking Longer to Complete
Single-family housing starts are rising, but supply-chain delays are pushing back completions
Household Formation Continues to Outpace Single-Family Production
The U.S. housing market needs to add approximately 6.5 million single-family homes to keep up with the breakneck pace of household formation
Where Are Single-Family Housing Starts Falling the Fastest?
As a growing number of Americans move away from large metro areas in search of more space and greater housing affordability, single-family housing starts are slowing in the nation's densest counties