The Triangle continues to be a hot spot for new home construction
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The Raleigh area is seeing some of the largest upticks in new home construction in the country coming out of the pandemic, according to an Axios analysis of Census Bureau data.
Driving the news: In May 2023, 139,600 total permits were issued across the U.S. — of which 88,900 were for single-family homes and 46,000 were for buildings with five or more units.
Zoom in: But some cities are seeing an especially significant explosion in new home construction as a post-pandemic reality takes hold, Axios' Alex Fitzpatrick writes.
Raleigh is one of those cities, with 138 new permits per 100,000 residents issued in May 2023 — up from 71.7 in May 2020.
- That's significantly higher than the nationwide rate of 42.3 permits per 100,000 residents.
The big picture: The Triangle, like many fast-growing metro areas, is facing a housing shortage.
- In response, builders are building, with apartment construction hitting a new peak — especially in places like downtown Raleigh and downtown Durham.
- Most of the new homebuilding, however, has been concentrated in the suburbs, in towns like Holly Springs or Mebane or in more rural counties like Johnston or Franklin.