MetroIntelligence Economic Update by P. DUFFY
July consumer sentiment rebounds to the highest reading since September 2021
July consumer sentiment rose for the second straight month, soaring 13% above June and reaching its most favorable reading since September 2021. The sharp rise in sentiment was largely attributable to the continued slowdown in inflation along with stability in labor markets. The sentiment is now about halfway between the all-time historic low of 50 from June 2022 and the February 2020 pre-pandemic reading of 101.
Single-family permits fall 24.7 percent year-on-year for first five months of 2023
Over the first five months of 2023, the total number of single-family permits issued year-to-date (YTD) nationwide reached 357,143. On a year-over-year (YoY) basis, this is 24.7% below the May 2022 level of 473,997. The Northeast posted the lowest decline of 14.7%, while the West region reported the steepest decline of 33.5%. The Midwest declined by 23.9% and the South declined by 22.3% in single-family permits during this time. For multifamily permits.
Multifamily permits decline 7.1 percent year-on-year for first five months of 2023
Year-to-date, ending in May, the total number of multifamily permits issued nationwide reached 247,005. This is 7.1% below the May 2022 level of 265,751. The South is the only region to post a modest increase of 3.2% while the other three regions posted declines. Multifamily permits in the West were down 7.8%, down in the Northeast by 21.7%, and down in Midwest by 23.3%.