Building permits in Wilmington surged to a seasonally adjusted annual rate of 813 in June, marking a 6.0% increase from May. This figure is nearing the 18-year high of 833 units reported in April, indicating robust development activity.
Year-Over-Year Growth: Building permits in Wilmington have soared by 109% compared to the same period last year, driven by strong demand that persists despite higher building and borrowing costs.
- Single-family permits continue to play a significant role, constituting 65% of the total building permits in June. Although this is a drop from the 82% recorded in May, it is an increase from the 57% observed a year ago.
State Growth: The trend of rising building permits extends beyond Wilmington. Across North Carolina, the seasonally adjusted annual rate of building permits rose to 8,266 in June, reflecting a 7.1% increase from the previous month and a 7.2% rise from the same time last year. Wilmington accounts for 9.8% of all building permits issued in the state.
The Bottom Line: The surge in building permits highlights the resilience of Wilmington’s housing market amid challenging economic conditions. With strong demand fueling development, the city is experiencing significant growth, contributing substantially to the overall increase in building permits across North Carolina. This trend underscores the ongoing expansion and investment in the region, pointing to a vibrant real estate sector despite higher costs.
