New construction activity for the US continues to decrease, and is expected to as we enter Q4 just like prior years. September is down 3% compared to September last year. Alteration activity also dipped again in September at a similar rate as New Construction. Year-over-year growth remained positive at 1.5% for Alterations.
Regionally, the pattern continues where the Pacific region was the only one with positive year-over-year growth for new construction activity, having 3.6% positive year-over-year growth. The most significant annual decline in September permit activity occurred in the Midwest (-10.9%) and Southeast (-11.3%).
For alteration activity by region, Pacific was the only region to show positive year-over-year growth, coming in at 5.5%. The remaining markets show negative year-over-year growth: Southwest (-5.6%), Midwest (-7.2%), Southeast (-10.4%), and Northeast (4.3%).
For MEP: electrical had a 2.6% year-over-year improvement, while mechanical (-1.4%) and plumbing (-3.3%) showed negative year-over-year growth.
Permit activity for ADUs remains static from July until September 2024, with year-over-year growth rates remaining positive at 30% growth. However, compared to previous months, the rate of growth is declining. For reference, year-over-year growth was 46% and 40% in June and July, respectively.
Solar installation activity remained static from August to September. Year-over-year growth was negative, coming in at 15.9%, but the rate of change is trending in a positive direction.
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