Building permits for new housing in Wilmington fell to their lowest point in seven months in September, with a downturn seen across North Carolina as rising prices and high interest rates dampen demand, according to the latest data from the Census Bureau.
- Wilmington issued building permits for privately owned housing units at an annualized rate of 686 in September—a 5.2% drop from August and the lowest level since February.
- Single-family homes accounted for the majority, making up 72% of the city’s permits, reflecting a statewide trend.
North Carolina, in step with Wilmington’s decline, saw building permits fall to an unadjusted annual rate of 6,885 in September, down 27.3% from August. This drop marks the state’s lowest level since November 2023, with single-family units comprising a slightly higher share of permits at 73.7%.
Bottom Line: The slowdown in building permits underscores the challenges facing the housing market as builders pull back on new projects. While seasonal factors are at play, the severity of the drop in permits signals a more substantial cooling of demand, likely tied to elevated prices and interest rates. Wilmington is feeling the effects, as potential buyers and builders adjust to the new, higher-cost environment.
