Chart: Housing construction expected to slow in the Triangle
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The Triangle is 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.
What we're watching: A cascade of new apartments, financed when interest rates were lower, helped recently to slow rent growth. Raleigh, in particular, had one of the biggest booms in apartment construction in the country.
- With the peak of the construction wave behind us, per an analysis from real estate services firm Cushman & Wakefield, landlords could raise rents.
Zoom out: Not every North Carolina metro area is seeing the same decrease.
- The Greensboro metro area is on track for a 119% increase in permits, and Winston-Salem's metro is on track for 20% growth.