New construction activity for the US stayed almost static in October compared to last month, with a very small increase (+0.06%), however a decrease is expected in November and December. Year-over-year, October new construction saw a decrease (-4.73%). Alteration activity saw a small increase in October over September (+1.44%). Year-over-year alteration performance was almost static, with a very small increase (+0.03%).
Regionally, the pattern continues where the Pacific region was the only one with positive year-over-year growth for new construction activity, having 5.4% positive year-over-year growth. The most significant annual decline in September permit activity occurred in the Midwest (-10.8%) and Southeast (-12.8%).
For alteration activity by region, two regions showed positive year-over-year growth: Pacific (+14.7%) and Southwest (+2.9%). The Midwest market remained static (0.00%) and the remaining markets showed negative year-over-year growth: Southeast (-1.6%), and Northeast (-4.8%).
For MEP: plumbing had a 2.6% year-over-year improvement, while mechanical (-1.6%) and electrical (-4.4%) showed negative year-over-year growth.
Permit activity for ADUs remains mostly static from July until October 2024, with year-over-year growth rates remaining positive at 27%. However, compared to previous months, the rate of growth is slowly declining. For reference, year-over-year growth was 46% and 40% in June and July, respectively.
Solar installation activity remained static from August to October. Year-over-year growth was negative, coming in at 13.4%.
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