In the news: Single-Family Permit Decline Continued in May

Over the first five months of 2019, the total number of single-family permits issued year-to-date (YTD) nationwide reached 342,116. On a year-over-year (YoY) basis, this is a 5.8% decline over the May 2018 level of 363,327.

Year-to-date ending in May, single-family permits reported declines in all four regions. The Midwest, West, South, and the Northeast declined by 10.6%, 11.0%, 2.8%, and 1.9% respectively, compared to the same time period in 2018. The Southern region had the highest growth in multifamily (12.7%) while the West recorded a decline in multifamily permits growth (-4.6%) during the last 12 months.

Between May 2018 YTD and May 2019 YTD, nine states and the District of Columbia saw growth in single-family permits issued while 40 states registered a decline. Minnesota reported no change. The District of Columbia recorded the highest growth rate during this time at 110.2% from 49 to 103 while single-family permits in South Dakota declined by 25.0%, from 1153 in 2018 to 865 in 2019. The 10 states issuing the highest number of single-family permits combined accounted for 61.5% of the total single-family permits issued.

Year-to-date, ending in May 2019, the total number of multifamily permits issued nationwide reached 195,848. This is 4.4% ahead of its level over the year 2018, 187,605.

Between May 2018 YTD and May 2019 YTD, 27 states and the District of Columbia recorded growth while 23 states recorded a decline in multifamily permits. District of Columbia led the way with a sharp rise (238.0%) in multifamily permits from 847 to 2863, while North Dakota had the largest decline of 77.5% from 413 to 93. The 10 states issuing the highest number of multifamily permits combined accounted for 63.6% of the multifamily permits issued.

Read more here.

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