Permits issued for single-family homes and multifamily dwellings are on the rise, according to the U.S. Census Bureau. In the first three months of 2021 more than 276,000 permits were issued for single-family homes, a 25 percent increase compared to the first quarter of 2020. Permits for multifamily units climbed to more than 131,000, a 20 percent rise over the first quarter of 2020.
Nearly 1.5 million residential permits were issued across the country in 2020. Roughly 24 percent of the total permits issued were in the West. Texas, Florida, California, North Carolina, and Arizona issued the most residential building permits in 2020. Six out of 10 building permits issued in Utah in 2020 were in the Salt Lake and Provo-Orem areas. U.S. housing starts in 2021 are forecasted to reach 1.6 million, providing much-needed relief to the housing inventory deficit.
-Salt Lake Board of Realtors