Which Metros Are Permitting New Homes the Fastest?
After ballooning through the 1990s and early-2000s, the Great Recession decimated new home development in 2008. The construction industry has been recovering steadily since then, but has not yet reached pre-recession levels. The mix of new homes has also shifted a bit from single-family to larger multi-family complexes. But while multi-family construction has become to the future of affordability, not all U.S. cities are taking part in the construction boom. Many are attracting new residents and at a much faster pace than they are building new homes. The chart below shows per-capita new home permitting across the nation's 50 largest metropolitan areas. Austin, TX is currently permitting faster than anywhere else: 18 units per 1,000 residents in 2022. Additionally, over half of those permits are for multi-family homes, something rarely seen before the Great Recession.