Wilmington is bucking statewide and national trends with a significant rise in building permits, particularly for single-family homes, signaling a local construction boom amid broader slowdowns, according to the latest data from the Census Bureau.
By the numbers:
- Local boom: Wilmington’s building permits hit a seasonally adjusted annual rate of 708 in March, a 17.6% increase from February and just shy of the 17-year high seen in January.
- Single-Family: After a few years of booming multi-family construction it is single-family’s time to shine as they accounted for 87.3% of all permits issued in March.
- Contrasting trends: While Wilmington shines, North Carolina overall saw permits fall for the third consecutive month to 7,680, marking a 6.7% drop from February and the lowest in four months.
- National backdrop: This local increase contrasts sharply with the national data, where building permits fell by 4.3% in March to the lowest level since July 2023.
Between the lines: The sustained rise in permits, particularly for single-family homes, suggests a robust demand for housing in Wilmington, setting the city apart from broader market dynamics as higher borrowing rates are stifling growth in other areas. This trend underlines the city’s resilience and ongoing appeal as a place to live and invest, despite broader economic pressures that are dampening activity elsewhere.
The big picture: The city’s ability to maintain high activity levels in building and construction is a testament to its robust local economy and appealing living conditions.