By Rohit Diwadkar
The number of permits issued for multifamily buildings across the United States in August rose to 57,207 units, the highest figure reported since June 2015 and up 20 percent from July. On a year-to-date basis through August, the number of multifamily permits issued nationally climbed 32.6% to 739,156 this year from the first eight months of 2020.
Multifamily permits increased in all four regions of the country in 2021, based on year-to-date figures through August. The West saw a jump of 35.3%, followed by the Northeast at 28.7%, the South at 25.4% and the Midwest's increase of 25.2%.
When comparing year-to-date figures through August 2021 with the first eight months of 2020, 37 states reported growth in multifamily permits, while 14 states and the District of Columbia recorded a decline.
On that same basis, New Mexico had a sharp rise of 231.4% in multifamily permits, climbing to 1,723 from 520, while Connecticut had the largest decline at 45.7%, falling to 951 from 1,956. And the 10 states with the highest number of multifamily permits combined accounted for 65.17% of the total multifamily permits issued in the first eight months of 2021.
Source: CoStar Group, www.costar.com