Single-family permits post solid gains in 2017
Preliminary data show that the total number of single-family permits issued in 2017 reached 817,319, a 9.6% increase over the 2016 total of 745,525, the National Association of Homebuilders reports.
Between December 2016 and December 2017, 45 states and the District of Columbia saw growth in single-family permits issued. Twenty states recorded an increase above the nationwide average of 9.6% but five states had a decline in growth. Hawaii had the highest growth rate during this time at 23.6% while single-family permits in North Dakota declined by 9.8%.
It’s important to note that the year-to-date figures are based on a sample of permitting offices. The annual data, which will be released later in the year, will reflect information from all offices.
In terms of total number of single-family permits, Texas led the nation with 114,094 permits issued year-to-date in December 2017 and Florida was second with 83,911 permits. Meanwhile, the District of Columbia posted the lowest permit total at 352. The 10 states issuing the highest number of single-family permits combined accounted for 58% of the total permits issued in the nation.
NAHB economist Danushka Nanayakkara-Skillington provides more analysis in this Eye on Housing blog post.
Source: LBM Journal Lumber Partner Post