Let’s talk about new home construction growth. Recall that in 2019 we set a record by issuing over 1300 new home permits. In 2020 we crushed that record by issuing 1826 new home permits. Well, the 2021 numbers made those records appear diminutive. At last count, we issued 2233 new home permits in 2021.
Interestingly, in 2021 we issued less than 400 apartment unit permits. According to data from ALN, we currently have over 4X that number of units in the pipeline for 2022.
Our Movers Moving Index intentionally doesn’t include single-family rental activity. That is, I don’t look for rental portfolio transactions in the record. That said, there seems to be an inordinate amount of single-family rental transactions in the records for December.
Our Movers Moving Index did count a very healthy 259 transactions in December. That bodes well for an assault on the 2021 new home permit record in 2022.