Thursday, March 28, 2013

Building permits start off strong in 2013

Through February of 2013, multifamily building permits were up 246 percent when compared to the same period of 2012. The two month total for 2013 in multifamily permits was 1,407 compared to 406 during 2012. 

In single-family permits, through February, there have been 2,222 permits this year, compared to 1,406 during the first two months of 2012. That's an increase of 58 percent. 

During the month of February alone, there were 1,191 single family permits and 598 multifamily permits issued. during February of 2012, there were 710 and 119 single-family and multifamily units, respectively. 

The first graph shows cumulative totals from January through February of each year:

The second graph shows month to month totals in permits. Note the upward drift in both single-family and multifamily permits.  Totals, of course, remain well down from peak levels.

During February 2013, the number of new multifamily permits were at a five year high for February, and still below February 2008's total reported near the end of the last expansion. 

Single-family permits for February were at a six-year high and were inching back toward the levels seen during 2007.  

In this report, single-family permitting has behaved as expected, showing slow ongoing growth. Multifamily has more than doubled over 2012, suggesting that for now, multifamily growth continues at very strong levels.