New York’s Housing Construction Permits Plummet

It seems like we’re always hearing about housing. From needing affordable housing to lack of housing, to the cost of buying a house. So, it was interesting to stumble on some data that shed light on the current state of housing construction in the United States.

The data collected included all 50 states and 384 U.S. metros and revealed some areas that are experiencing declines in permits for new construction which could potentially impact housing affordability and availability.

One area that stands out is the state of New York. In 2023, New York saw a significant drop of 40 percent in permitting activity compared to the previous year – a pretty steep decline. Even in the New York metro area, where nearly 40,000 new permits were issued, there was still a 32 percent decrease compared to the previous year.

What does this mean for future buyers in New York? Well, unfortunately, it could mean that they will face an even more strained housing market. With fewer permits being issued for new construction, the supply of available homes could be limited, driving up prices and making it even harder for buyers to find affordable options.

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The decline in permits isn’t isolated and unique to New York. The data shows that in a significant number of U.S. metros, permits for new construction have dropped which means this trend could have a widespread impact on housing affordability and availability across the country.

If you’re in the market for a new home in New York, it might be a good idea to consider being flexible with your expectations. The housing market could become even more challenging to navigate in the near future.