National new construction activity continued the pattern from June and decreased in July 2024. From a year-over-year growth perspective, this corresponds with 0% growth for new construction. In a similar vein, alteration activity dipped slightly again in July, although year-over-year growth stayed positive at 2%.
Breaking it down by region, only the Pacific region saw positive year-over-year growth for new construction activity in July. The Southwest region actually saw a slight decline over last July and is no longer a growth driver, while the Midwest continues the trend from last month, seeing the most significant annual decline in July amongst all regions.
For regional alteration activity annual growth, both the Pacific and Southwest markets continued to drive growth, and only the Northeast saw a year-over-year decline.
National MEP (mechanical, electrical, and plumbing) activity continued to show trends similar to those of previous years, although there is slight growth on average compared to last July.
Permit activity for solar installations did not change between June and July. However, annual growth stayed negative; the magnitude of this year-over-year growth decline was less than that of the June year-over-year growth decline. Meanwhile, permitting for accessory dwelling units (ADUs) grew 40% over last July, and it showed an increase as well compared to June 2024.
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