February Residential Permit Snapshot

Hello everyone, hope you all are enjoying this cooler weather before we begin our annual journey to the surface of the sun. Updated format below, let us know if you love it, hate it or even read it…a PDF (readable) version of the charts can be downloaded here.

For single family homes, the monthly total of 2,228 was 22.61% lower than the count from a year ago while the trailing 12-month number of 29,955 is 5.07% up from the year ago number of 27,889. The current T-12 number is also 13.66% higher than the long-term average (since 2000).

Multifamily permits came in at 433, which was 48.39% lower than a year ago. The trailing 12-month count was 13,312, a retreat from the year ago number of 20,387 but still 47.37% higher than the long-term average (since 2000) of 9,033.

The combined trailing 12-month permit count decreased 12.54% from the previous year and down 2.42% from last month, basically reflecting the large drop we’ve seen in multifamily permits. A year ago, the T-12 multifamily permits accounted for 42.76% of the combined number, while through February, they represented 31.24% of the total.

Since 2000, multifamily permits have made up 25.53% of the total permit count, so it appears the market is reverting to the mean when it comes to the balance between multifamily and single family permitting.

Thanks for reading, as always, please reach out with anything we can help you with.

Thanks,

John & Ramey