Single-Family Permits Performing Well in February 2024

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

Year-to-date ending in February, single-family permits were up in all four regions. The range of permit increase spanned 54.2% in the West to 22.2% in the Northeast. The Midwest was up by 42.7% and the South was up by 34.6% in single-family permits during this time. For multifamily permits, the regions were split, with half posting increases and the other posting decreases. The Northeast was up by 95.7% and the Midwest was up by 15.2%, while the South posted a decline of 39.0% and the West declined by 37.7%.

Between February 2024 YTD and February 2023 YTD, 48 states posted an increase in single-family permits. Rhode Island, Alaska, and the District of Columbia reported declines in single-family permits. The range of increases spanned 106.4% in Montana to 3.3% in North Dakota. The ten states issuing the highest number of single-family permits combined accounted for 66.6% of the total single-family permits issued. Texas, the state with the highest number of single-family permits, issued 26,454 permits over the first two months of 2024, which is an increase of 49.0% compared to the same period last year. The succeeding highest state, Florida, was up by 27.2% while the next highest, North Carolina, posted an increase of 25.4%.

Year-to-date ending in February, the total number of multifamily permits issued nationwide reached 78,259. This is 22.2% below the February 2023 level of 100,633.

Between February 2024 YTD and February 2023 YTD, 21 states recorded growth in multifamily permits, while 29 states and the DC recorded a decline. Delaware (+485.3%) led the way with a sharp rise in multifamily permits from 34 to 199, while Alaska had the greatest decline of 93.9% from 82 to five. The ten states issuing the highest number of multifamily permits combined accounted for 65.3% of the multifamily permits issued. Over the first two months of 2024, Texas, the state with the highest number of multifamily permits issued, experienced a decline of 40.0%. Following closely, the second-highest state in multifamily permits, New York, saw an increase of 292.8%. Florida, the third largest multifamily issuing state, declined by 45.5%.

At the local level, below are the top ten metro areas that issued the highest number of single-family permits.

For multifamily permits, below are the top ten local areas that issued the highest number of permits.