Connecticut’s new home construction market slowed down during the month of September, but activity is still pacing ahead of last year despite higher interest rates dampening some new developments.
Connecticut towns and cities issued 323 housing permits in September, down from 384 a year earlier.
Just over half of those permits were for single-family homes, while 42% were for developments with five or more units, which typically signal new apartments, according to U.S. Census Bureau data compiled by the state Department of Economic and Community Development.
Farmington authorized the most number of units in September at 67, followed by Bloomfield 24, New Haven 21, and Newington 18.
During the first nine months of 2023, cities and towns authorized 4,125 permits, up 8% from the year-ago period. The majority of those permits (60.4%) have been for apartment developments with five or more units. Thirty-six percent of permits were for single-family homes.
