Building permits absolutely skyrocketed to start 2024, according to the latest data from the Census Bureau.
- M-O-M: Privately‐owned housing units authorized by building permits skyrocketed to an unadjusted annual rate of 730, up 154% since December and the biggest increase since February 2007.
- Y-O-Y: Building permits are up 146% when compared to the same time last year.
Almost Top 30. Wilmington just missed the top 30 with the 33rd biggest pace with 730 out of the 920 Core Based Statistical Areas (CBSA).
North Carolina. Despite the huge jump in Wilmington, building permits across North Carolina actually fell to unadjusted rate of 7,594 to start 2024, down 6.0% from the prior month and the second lowest level in the last 5 months.
- Year-over-year. Building permits are up 7.5% when compared to the same time last year.
BOTTOM LINE: I wish I had some big brain explanation for this but I don’t. I have no idea why building permits jumped 154% but I am happy they did!