Map Shows Cities Facing New Home Construction Slump
Summary
New home construction in the U.S. is slowing down, with building permits falling 19.4% below the pre-pandemic trend. The biggest declines are in Sun Belt cities that led the building boom during the pandemic, while some coastal and Midwest cities are seeing permit increases.Key Facts
- Residential building permits are 19.4% below the expected level before the pandemic.
- Permits have fallen for 44 months in a row across the U.S.
- Austin saw the largest drop, with permits down 25.3% year over year.
- Other cities with big permit declines include San Antonio, Orlando, Charlotte, San Diego, Baltimore, and Chicago.
- The slowdown is mainly in Sun Belt cities that grew rapidly during the pandemic.
- Higher construction costs and mortgage rates are making it harder to build affordable homes.
- Some places like San Jose, Seattle, Los Angeles, and New York are increasing permits.
- New homes are being built faster but are smaller in size than before.
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