📊 National Key Indicators
Apr 2026 Housing Starts
1.47M
▼ 2.8% MoM · ▲ 4.6% YoY
March surge partially reversed
Single-Family Starts
930K
▼ 9.0% MoM · ▲ 5.7% YoY
SF giving back March gains
Multifamily Starts
529K
▲ 14.3% MoM · ▲ 11.0% YoY
Apartment sector surging
Apr 2026 Permits (Final)
1.42M
▲ 4.4% MoM · ▼ 0.2% YoY
MF surge driving total up
Mar 2026 Construction Spend
$2.19T
▲ 0.6% MoM · ▲ 1.6% YoY
Private residential ▲ 1.7% MoM
Housing Completions
1.45M
▲ 4.8% MoM · ▼ 2.0% YoY
Deliveries rising; YoY gap remains
Builder Sentiment (HMI)
40
Neutral = 50 · Apr 2026
Subdued; tariff + rate uncertainty
MF Permits MoM Surge
▲17.2%
Apr 2026: 491K units
Largest MF permit gain this cycle
Materials Cost vs 2024
+6.0%
Total project costs +3%
Cushman & Wakefield · 2026
SF Permits MoM
▼1.6%
Apr 2026: 881K units
SF pipeline softening
Steel/Alum Tariff
50%
Steel +20.7% · Al +33% YoY
Derivatives: 25% · Cu +25% YoY
West Region Permits
▼5.0%
Apr 2026: 307K — only declining region
CA affordability + cost headwinds
📈 Starts & Permits National Trends — April 2026
Housing Starts by Type — Recent Months
Single-family vs. multifamily · Feb–Apr 2026 (SAAR, thousands)
Regional Starts & Permits Change (Mar 2026 MoM)
By U.S. Census region · April 2026 MoM % change (permits) and volume ÷10K
🏗️ State-Level Building Permits — April 2026
Total Permits by State — Apr 2026 vs. Mar 2026
CAA core states · CA = seasonally adjusted; CO & NV = NSA; GA = ATL MSA monthly estimate
🧱 Builder Sentiment & Labor Market
NAHB Housing Market Index — April 2026
By region (3-month average) · 50 = neutral threshold
40
National HMI · Apr 2026
Neutral: 50
Construction Labor Market — February 2026
Employment and labor conditions · AGC / JEC data
-60K
Jobs Lost YTD
vs. Dec 2024 · home bldg
-11K
Jobs Lost Feb
Both res. & nonres.
+0.5%
YoY Growth
Outpacing broader econ
~33%
Foreign-Born
Immigration risk factor
📌 Construction employment dipped 11,000 in February (AGC). 60,000 fewer home construction jobs vs. Dec 2024 (JEC). ~1/3 of construction workforce is foreign-born — immigration enforcement is a supply-side risk. Workers staying put amid uncertainty.
🗺️ CAA State Snapshots
🐻 California
Permits Apr 2026 (SA)~9,010 ▼ vs 9,275 Mar
LA Wildfire RebuildingOngoing through 2026–27
IE Industrial Vacancy7.8% (elevated from lows)
LA Basin Industrial Vacancy~5.2% (below natl avg)
Planned Industrial May '2627 new projects — #2 nationally
IRA Sunset RiskClean energy pipeline uncertainty
West Region HMI31 (lowest region)
🍑 Georgia
Metro ATL Q1 20264,320 permits ▼ 13% YTD
Hall County (bright spot)449 permits ▲ 25% YTD
Barrow County (standout)289 permits ▲ 42% YTD
Savannah Industrial Pipeline24.7M SF — #1 nationally
Planned Industrial May '2622 new projects — #4 nationally
Unified Legacy (Macon)$125M mfg · 500 jobs · 2026
South HMI35 (below neutral)
🏔️ Colorado
State Permits Apr 2026 (NSA)3,299 ▼ vs 3,467 Mar
Denver Apt VacancyMulti-yr high · rents ▼ 4.8%
Formativ RiNo GroundbreakingJune 3, 2026 · Rowan MF
Swire Coca-Cola Plant$475M · Colo Springs active
SB 26-093 (Permits >$1M)Workers' comp verification req'd
Denver C&D Waste RulesEffective Sep 1, 2026
West HMI31 (lowest region)
🎰 Nevada
State Permits Apr 2026 (NSA)~1,143 ▼ vs ~1,500 Mar
LV Builder Net Sales YTD▼22% YoY — decade low in Feb
Data Centers (NV)60+ active · 22% of state power
Greenlink West Transmission$4.2B · 350-mile active build
Hard Rock Guitar Hotel$4.3B · 36/42 floors active
A's Las Vegas Stadium$2B · vertical active
West HMI31 (weakest region)
🏢 Office-to-Apartment Conversion Pipeline
Conversion Units by City — CAA Markets
OC leads CA with 3x LA’s conversion pipeline · Active spring 2026
Office-to-apartment conversions up 28% YoY nationally. Change-of-use permits are more complex than standard residential — expect increased plan-review demand in urban markets.
Construction Spending Snapshot — March 2026
MoM change by category · Total SAAR $2,185.5B (+1.6% YoY)
⚠️ Market Risk Factors
Tariff Cost Crisis — Materials +6% vs. 2024 Baseline (Cushman & Wakefield, Apr 8, 2026)
50% tariff on steel & aluminum · 25% on derivatives · 15% on industrial/electrical equipment ·
Steel mill products +20.7% YoY · Aluminum shapes +33% YoY · Copper +25% YoY ·
Input prices running at 12.6% annualized pace Jan-Feb 2026 · Total project costs up ~3% vs. 2024 ·
Est. $17,500 added cost per new home · Could suppress 450,000 units through 2030 (Brookings) ·
Permit revision + phased submittal activity expected to increase as projects reprice mid-construction
🏛️ CAA Business Implications
| Theme | Data Point | Impact Level | CAA Implication |
|---|---|---|---|
| SF starts declining; permits weakening | SF starts ▼6.5% YoY; Jan permits ▼5.8% YoY | High | Near-term residential permit volumes likely to soften in most client cities |
| Multifamily rebound | MF starts ▲29.1% MoM in Jan 2026; built-for-rent dominant | Medium | Apartment plan-review workload growing in GA, SoCal, Las Vegas markets |
| Denver entitlement-to-permit gap | Only 14–22% of approved MF projects start; 22,600+ units at risk | High | Do not forecast Denver permit volume from approvals alone — financing gap is real |
| Georgia industrial boom | $2B UCB pharma plant; Amazon + Yamaha + 1M SF AI warehouse | Positive | Significant industrial inspection workload building in metro Atlanta municipalities |
| Nevada data center regulation debate | 60+ data centers; community opposition emerging; no action yet | Medium | Storey, Washoe, Clark County building depts may face new regulatory frameworks |
| Tariff-driven cost escalation | Materials +6% vs. 2024; total project costs +3%; inputs ▲12.6% ann. | High | Project delays, permit revisions, phased submittals — variable workload spikes across all states |
| SoCal industrial recovery | LA vacancy 5.2% vs 6.7% national; capital returning; 2027-28 pipeline | Positive | Complex MEP/warehouse/data center permits expected to ramp in IE + LA County |