New single-family housing construction was down almost 35% year-to-year within Henry County. This was despite 2022 starting out 20% over ‘21 in the first six months.
Although single-family permits were down, multifamily construction set a new record for units groundbreaking. Multifamily units are forecast to set another record in 2023.
Single-Family Construction 2022
During 2022, there were 1,580 permits issued for new single-family construction. Note the exact number is still subject to final revisions. Data is sourced from the US Department of Housing’s State of the Cities Database.
Comparatively, there were 2,403 permits issued in 2021. This was the most new permits in one year since 2006. Before that, the three years prior (2018-20) averaged 1,788 permits.
Rising interest rates in 2022 caused many potential homebuyers to delay their plans. As a result, homebuilders slowed their new project starts. For example, Atlanta Business Chronicle reported homebuilder PulteGroup cancelled land deals last fall.
Expect 2023 to be more of the same as interest rates continue to rise.
Where Are Houses Building?
Unincorporated Henry County represented 65%, or 1,041 permits, of new single-family home starts in 2022. This was up from 56% in 2021. The cities had the following permits issued:
- Hampton – 112
- Locust Grove – 206
- McDonough – 173
- Stockbridge – 48
The values above represent single-family homes only. Hampton had another 240 multifamily permits, presumably for the Jim Chapman Communities’ active adult townhomes.
Featured image shows new homes under construction in Hampton. Marty Meeks photo.
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