National new construction activity took a slight step backwards after five consecutive months of growth to start 2024, although grew 4% on a year-over-year basis. Similarly, alteration activity dipped slightly in July, although annual growth remained positive at 2%.
From a regional standpoint, the annual growth in new construction activity was largely driven by markets in the Pacific and Southwest regions of the US, while the Midwest saw the most significant annual decline in July.
Similarly, annual growth in alteration activity was primarily driven by markets in the Pacific and Southwest regions of the US, although annual declines were seen across the Midwest, Southeast, and Northeast.
National MEP (mechanical, electrical, and plumbing) activity, which has a greater tendency to be non-discretionary in nature when compared with new construction and alteration activities, expressed patterns consistent with previous years.
Permitting for solar installations was flat between June and July, although continued to exhibit negative growth, annually. Conversely, permitting for accessory dwelling units (ADU’s), grew 46% over last July, and has shown increasing momentum throughout the year.
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