Despite supply shortages and high market demand in some regions of the United States, metropolitan areas like Houston, Texas and Newark, New Jersey are seeing a substantial increase in single-family and multifamily construction permits.
Home building is making a modest recovery after the 2020 pandemic with construction rates over 130% higher than in 2011, says the NAHB.
Home construction slowed after 2007 as a result of the 2008 Great Recession, but home building staged a slow, modest recovery over the last decade, with a sharp acceleration in 2020 due to the pandemic.
In 2020, according to the U.S. Census Bureau, builders applied for 979,360 single-family permits, which is 134% higher than the 2011 level of 418,498. For multifamily construction, 491,781 permits were issued in 2020. This is 139% higher than in 2011.
At the state level, Texas takes the top spot as three out of the five largest single-family markets are located in the Lone Star state.
For a full list of the top 20 markets for single-family and multifamily permits …