While permits and housing starts decline nationwide, North Carolina stands out as one of only nine states where permits either stagnated or slightly went up year-over-year, according to a new report from Point2.
Our state’s 7% increase in permitting activity compared to the previous year, hints at a potential expansion in housing options that could positively influence affordability and availability across the state.
Zooming in further to see where permits increased or decreased, the report found that:
- The 98,086 new permits issued last year translate to a 7% Y-o-Y growth, placing the state on the third position when it comes to increases in permitting activity. There were more than 31,000 new permits issued for units in buildings with 5+units last year, suggesting a potential boost in multifamily housing options;
- Of the state’s largest metros, Charlotte’s housing market saw an 8% increase in new home permits, while Raleigh experienced a slight -4% drop compared to 2022;
- Most medium metros witnessed an increase in permitting activity, led by Winston-Salem with a 30% jump in permits issued, followed by Greensboro-High Point with a 11% rise in permits;
- While Hickory, Wilmington, and New Bern faced permit declines ranging from -10% to -19%, reflecting localized challenges, six other small metros saw permits go up: Greenville led the way with a 48% jump in permit issuance, followed by Rocky Mount (44%) and Burlington (40%). These increases could translate to more and more affordable homes for future buyers in the area.
