Residential Building Permit Trends
Source: U.S. Census Bureau.
2019 HOUSING PERMIT GROWTH MODERATES A TAD
ANNUAL PERSPECTIVE: In 2019, Arizona's residential building permits rose by a strong 9.2%--the ninth year of annual improvement. However, the 2019 pace was 0.5 percentage points slower than the prior year. Two metro areas bucked the moderation trend--Phoenix and Yuma. In the Phoenix metro area, housing permits soared by 12.9% in 2019 compared with a 5.7% increase in 2018. The Yuma area's housing permits rose by a hefty 14.1% in 2019 following a 6.5% decline in 2018. After three years of growth, housing permits in the Tucson metro area declined by 3.5% in 2019--following a 42.8% surge in 2018.
Monthly Update: Residential building permits for Arizona in June 2020 soared by 23.0% on a year-over-year basis with Phoenix metro area's permits up 19.2% and Tucson's permit activity up 23.3% on a year-over-year basis. However, sequentially (month-to-month, seasonally adjusted) the state's permit activity sky-rocketed by 59.2% in June with a 58.8% gain in Phoenix and 23.5% in Tucson.