Houston booms as No. 1 city in U.S. for new home construction in 2023
Source-Culture Map
While Houston already holds the crown for the most active real estate market over the last decade, the city has now earned the title for the highest new home construction rate in 2023, according to a recent analysis by Chamber of Commerce.
The booming housing construction is just one way Houston is trying to keep up with it's remarkable population growth.
The June edition of the "Cities with the Most New Homes" analysis discovered that despite new home permits being down over 20 percent year-over-year from 2022, Houston's housing market is still on the rise.
Over 23,000 new home construction permits were issued for the city thus far, consisting of both single- and multi-family residential homes. H-Town also ranks at the top with just under 15,400 single-family home permits issued this year.
In the ranking of multi-unit residential homes, only 7,671 permits have been issued in the same time frame, knocking Houston down to No. 3. New York City (No. 1) and Dallas-Fort Worth (No. 2) had higher multi-family construction permits issued, at 10,155 and 7,887 each, respectively.
On average, 5,766 Houston home permits are being issued every month in 2023, which is also the highest rate in the nation. In layman's terms, our real estate market is definitely pretty hot.
The top 10 metro areas that have the highest new home construction in 2023 are:
No.1 – Houston
No. 2 – Dallas-Fort Worth
No. 3 – New York City
No. 4 – Phoenix
No. 5 – Atlanta
No. 6 – Charlotte, North Carolina
No. 7 – Austin
No. 8 – Orlando
No. 9 – Nashville
No. 10 – Los Angeles
The study analyzed data from the U.S. Census Bureau and the Department of Housing and Urban Development to determine the total number of new home construction permits issued in 2023 throughout 225 metro areas in the country.
The full report and its methodology can be found on chamberofcommerce.org.