Building permits for privately owned housing units in Wilmington, NC, soared to a seasonally adjusted annual rate of 833 in April, marking a significant 17.7% increase from March. This is the highest level since March 2006, highlighting a robust local housing market.
By The Numbers:
- 833: Seasonally adjusted annual rate of building permits in April.
- 17.7%: Increase from March.
- 18 years: Highest level since March 2006.
Details:
- Single-family permits: While single-family units continue to dominate, accounting for 75.5% of building permit activity, this is a decrease from 87.3% in March. This shift indicates a rising demand for multi-family units after two years of rapid growth.
- State level: North Carolina saw a similar trend with building permits rising to a seasonally adjusted annual rate of 8,175 in April, up 12.0% from March. This is the first uptick in the last four months.
National Context: Contrasting with the positive trends in Wilmington and North Carolina, building permits nationwide fell by 3.0% in April to a seasonally adjusted annual rate of 1,440,000.
Why It Matters: The surge in building permits in Wilmington reflects strong local demand for housing, driven by factors such as population growth and economic development. The shift towards more multi-family units suggests a diversification in housing preferences, potentially driven by affordability concerns and changing demographic trends.
