Surprise Housing Permits Up 48%, Desert Boom Builds
Multifamily Permit Trends and Regional Variability Amidst a fluctuating economic environment, multifamily permit trends reveal a dramatic reshaping of America's housing market. A 21% national decline in multifamily permits underscores the volatility, totaling 144,082 units in top metros. Phoenix, experiencing a 12% decrease with 16,634 units permitted by July 2024, exemplifies broader regional variability. Despite this decline, Phoenix continues to hold a significant position in the multifamily market, ranking fourth in multifamily permits issued amidst competitive dynamics. This pattern aligns with some broader changes in urban commercial environments, particularly as remote work shifts have led to high office vacancies in prominent cities like NYC. Arizona witnessed a sharp 67.5% drop in multifamily permits by February 2025. In contrast, Texas and Florida display divergent trends. Texas permits fell by 9%, while Florida surged by 63%. Regional disparities extend to California, ...