More than a quarter more new homes are on their way to being built through the first four months of 2024 over the same time period in 2023, new data from the National Association of Home Builders indicate.
By the end of April, 336,124 single-family housing permits had been issued year to date nationwide, an increase of 25.3% over April 2023’s total of 268,205.
This April saw increases in single-family permits among all four U.S. regions, spanning from the largest increase of 36.4% in the West to the lowest increase of 12.6% in the Northeast. The Midwest was up by 27.2%, and the South up by 22.7%, year over year.
“Between April 2024 YTD and April 2023 YTD, 48 states and the District of Columbia posted an increase in single-family permits,” commented Danushka Nanayakkara-Skillington, NAHB’s assistant vice president for forecasting and analysis, in remarks about the latest data.
Arizona experienced the highest increase, at 63.8%, while Hawaii had the lowest increase of 3.2%. The only states to post annual declines were Rhode Island (-7.7%) and Alaska (-17.3%).
“The ten states issuing the highest number of single-family permits combined accounted for 64.9% of the total single-family permits issued,” Nanayakkara-Skillington added. “Texas, the state with the highest number of single-family permits, issued 56,832 permits over the first four months of 2024, which is an increase of 29.4% compared to the same period last year. The succeeding highest state, Florida, was up by 17.1% while the next highest, North Carolina, posted an increase of 17.2%."
On a monthly basis, the rate of single-family housing permits issued painted a different picture. Single-family building permits dropped to their lowest level in close to a year this May, decreasing 2.9%, according to the U.S. Department of Housing and Urban Development (HUD) and the Census Bureau.
