Implied Permit Value:
Radius+ is multiplying each number of permits by the implied number of units to derive the total implied number of housing units.
The number of permits recorded by BPS does not account for the number of housing units but rather the number of permits issued to build the specified number of units. For example, if a county reports 2 permits for a 5+ multifamily unit, it would mean there will potentially be 10 new housing units in that county (2 permits x 5 units).
Below is our methodology;
Single Family Units: no calculations
Multi Family 2 Units: # of permits x 2
Multi Family 3 and 4 Units: # of permits x 4
Multi Family 5+ units: # of permits x 5
Implied Housing Growth:
The implied housing growth number intends to show the trajectory of the residential housing activity in the county. We use the implied permit value number to divide it by the number of households in the county specified by the 2020 US Census. The implied housing growth percentage is a great indicator of whether residential development activity has been trending upwards or downwards in recent years.
Below is our methodology;
Implied Permit Value/ # of Households in the County