A new study shows Arizona is the No. 6 hottest market for new residential construction despite home affordability in the U.S. falling to the lowest levels ever recorded after plummeting by 29% over the last year.
Given the 2008 financial crisis was largely due to a housing bubble, housing metrics are more important than ever as an economic indicator as America tries to avoid a recession. Some states are seeing a greater influx of homeowners than others during the Great Relocation.
Arizona ranks No. 6 with 9.14 new residential building permits per 1,000 residents.
New building permits in the U.S. have increased every year since 2009. Last year, the national rate was 5.2 permits per 1,000 residents, inching up towards the 5.6 average from 1986 to 2007, before it plummeted to 1.90 in 2009 during the Great Recession.
The five hottest housing markets are Utah, Idaho, Florida, South Carolina, and Colorado. The five slowest were Rhode Island, Connecticut, Illinois, New York, and West Virginia.