US Multifamily Permits as of October 2009 Posted a Yearly Drop of More than 60%
Year-to-date US multifamily permits posted a yearly drop of more than 60% in October 2009, according to data released by the Bureau of the Census. This suggests that the supply side in the US multifamily market is moving in the right direction in response to the rising vacancy rate.
In particular, year-to-date multi-family permits in the US as of October 2009 amounted to 113,700 representing a 61% decrease compared to the 292,600 permits that were issued over the period January- October of 2008.
Year-to-date multifamily permits posted large yearly decreases in all US regions and divisions in October 2009. In terms of regions, the largest decrease of 71% was registered in the Northeast, while the smallest decrease of 51% was registered in the Midwest. Year-to-date multifamily permits in the South and West posted yearly declines of 58% and 63%, respectively.
In terms of divisions, the largest yearly decrease was registered in Middle Atlantic, where year-to-date multifamily permits were by 75% lower than the permits issued during the same period last year. The smallest yearly decrease was registered in West North Central where year-to-date multifamily permits were by 30% lower than the permits issued during the same period last year.
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