Wednesday, October 26, 2022 / by Bryan Baylon
Dramatic trends are reported by the Census Bureau for building permits in Central Arizona. For Maricopa and Pinal Counties in September we saw only 1,485 single-family building permits. This is the lowest monthly total since February 2017 and down 36% from September last year. The single-family builders are slamming on the brakes.
The multi-family construction industry is going in the opposite direction at top speed. There have been 5,559 units of multi-family housing added to permits during the third quarter of 2022. This is up 47% from last year and almost the highest quarterly total we have ever seen. It is clear that 2022 will go down as the busiest year ever for multi-family permits.
It is odd that the two types of permits are going in opposite directions so quickly. For more details please refer to the charts in the Cromford® Public section of the website.
Market insights provided by the Cromford Report.