While development permits for multifamily have rebounded, single family home construction still lags
October 29, 2018
- Homebuilding activity across the Baltimore metro area has gradually recovered over the past 8 years, as multi-family development permits hit a 15-year high in 2016. Single-family home permits, however, have lagged and are still 40% below their previous peak reached in 2005.
- The slowdown in single-family home construction has not spread throughout the region evenly. Exurban counties have seen the weakest rebound in home construction: Harford County and Carroll County’s permitting activity was down 68% and 71% in 2017 respectively from their previous cyclical peak.
- Anne Arundel has grabbed an increasingly larger share of the region’s single-family home development as the county has seen construction levels return to near pre-2008 levels. In 2017, 38% of single-family home construction permits in the Baltimore metro area landed in Anne Arundel.
- Population growth going forward will increasingly skew towards Anne Arundel where construction has rebounded, and the submarkets surrounding growing employment centers, including most prominently Fort Meade.
Source: JLL Research, Census Bureau