According to the National Association of Home Builders (NAHB) Home Building Geography Index for the second quarter of 2024, lower inventory and pent-up demand has led to single-family permit growth across all geographic regions. However, multifamily construction permit activity continued a downward slump.

 
"Despite the elevated interest rate environment, single-family construction continues to move along at a better pace than 2023 and has been led by a rebound in construction activity in high density areas," said NAHB Chairman Carl Harris, a custom home builder from Wichita, Kan. "Multifamily construction continues to slow as builders deal with higher rates, a shortage of workers and supply chain concerns for some building materials."

Large metro counties held the highest growth rate for the second straight quarter at 17.6% while micro counties had the smallest growth rate with a 3.4% gain.

The index is a quarterly measurement of building conditions across the country and utilizes county information about permits to gauge housing growth.