Multifamily Permitting Remains Solid in July via Axiometrics

The U.S. Census Bureau posted its July residential permitting numbers by metropolitan statistical area (MSA) on Monday, August 26. Privately-owned housing units authorized by building permit in July, measured on a seasonally adjusted annual rate (SAAR), were 943,000. This was an increase of 2.7% from the revised June rate of 918,000, and was 12.4% higher than the July 2012 estimate of 839,000. Single-family permits in July were down 1.9% from June at 613,000 units, but almost 18% higher than July of 2012. Annual multifamily (MF) permits increased 13.5% from June’s annual rate and was 4.5% higher than the comparable period a year ago. With July 2013 MF permits totaling 303,000 units, annual MF permitting has averaged 312,000 units over the last 12 months. New York, Houston, Dallas, and Austin remain some of the strongest multifamily permitting markets in the nation and Denver, Los Angeles, Seattle, and Atlanta are still in the top ten. The top ten markets remained the same from last month but positions have shifted slightly. Moving up on the list of the top twenty are Boston, Portland and Santa Ana (Orange County).

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