CHARLOTTE — Construction in Charlotte is trying to keep up with the growing demand for new home construction, especially in a tight housing market for existing homes.
A study by Chamber of Commerce ranked Charlotte 6th in the nation for new home construction in 2023. Nearly 11,000 home permits were issued in the metro area by April of this year.
On average, more than 2,700 permits were issued monthly from January to April.
Compared to the same period in 2022, new home construction in Charlotte decreased by 3.2% in 2023.
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Charlotte had the highest ranking in North Carolina. Raleigh placed #16 and Hickory ranked #106 on the list of more than 200 metropolitan areas.
Houston placed first with more than 23,000 new homes this year. Dallas-Fort Worth, New York City, Phoenix, and Atlanta followed in order, down to 13,175 new homes.
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The study sourced building permit data for new residential construction from the U.S. Census Bureau and Department of Housing and Urban Development. Analysts looked at the number of permits for privately-owned housing units in cities across the country.
Privately-owned residential housing units included single-family homes, apartments, condominiums, and other kinds of multi-unit residential units.
The total number of permits for new homes in the United States decreased by 21.1% compared to this time last year, according to HUD and the Census Bureau. Factors like high mortgage rates and supply chain issues created a bottleneck for new home construction, the study cites.
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