Housing Permits Up 38% This Year In Miami, Third Fastest Nationwide
Residential building permits in the Miami area rose 37.5% in the first half of this year, growing at one of the fastest rates in the country.
Only New York (+149.4%) and Los Angeles (+41.4%) saw a faster increase in building permits, according to Department of Commerce data released last month (via the WSJ). New York’s increase is partially explained by developers rushing to beat a property tax abatement deadline.
Overall, multifamily construction accounted for 69% of housing permits in the Miami area. Los Angeles (72%) and New York (nearly 90%) were the only areas with a higher proportion of multifamily units.
Despite the increase, Miami ranked eighth overall by number of housing permits issued. Miami is also still adding significantly fewer housing units than in previous decades, partly due to the lack of raw land where single-family homes can be built inexpensively. That has caused demand to outpace supply, triggering price increases in existing inventory.