The Triangleis on track to permit fewer new housing units than last year, according to Census Bureau data.
Why it matters: Experts estimate that the U.S. has a shortage of housing, either for rent or to buy, and higher interest rates are slowing a post-pandemic construction boom.
The shortage is especially felt in fast-growing places like the Triangle, which has seen a significant increase in housing prices since the pandemic.
By the numbers: The Raleigh metro is on track to have a 16% drop in the number of housing units permitted per 10,000 residents.
The Durham metro is on track for a 37% decline in permits.