Multifamily Permits Soar in Phoenix
After waning for much of 2018 and 2019, the pace of multifamily permit approvals in Phoenix has soared in 2020. Nearly 11,900 units were approved in Phoenix in the year-ending May, according to the U.S. Census Bureau. There were 10 markets in the nation that recorded permits for more than 10,000 units in the past year, and among those, Phoenix posted the biggest annual increase – a stunning 80.8%. With the onset of COVID-19, the current permit number in Phoenix is a bit smaller than what it was at its peak in March 2020, but not by much. Historically, multifamily approvals in Phoenix are hitting new highs. The long-term average for this market is about 6,500 units approved annually, but in the past five years, that number has increased to a little over 8,300 units.