Wednesday, March 30, 2022 / by Bryan Baylon
The Cromford® Public charts covering single-family and multi-family permits have been updated to include February unit counts.
The multi-family unit count for February was a relatively modest 1,039 for Maricopa and Pinal counties. This is the lowest count since August, but these monthly counts are pretty volatile and it would be foolish to draw too much of a conclusion from a single month of data. The annual rate of 16,187 remains very high - the third highest we have recorded, exceeded only by December 2021 and January 2022.
Multi-family permits are some 60% higher than the long-term typical count of 10,000 per year.
Single-family permits for Maricopa and Pinal counties totaled 3,155 in February. This is the highest total since April 2021. However, it is not higher than the long-term typical rate since 1996. We saw a collapse in permit counts in 2008 which recovered very slowly. The lull lasted until 2020. But typical monthly rates between 1996 and 2007 were around 3,000 and they have resumed at that level since 2020.
The overall picture is that multi-family permits are well above normal while single-family permits are at a normal level..
Market incites provided by the Cromford report.