7) For now, the Building Permits are still being pulled disproportionately in the Sun Belt and Mountain West.
Especially when you look at a % basis.
e.g., North Carolina is pulling more than 2x the building permits of Ohio, despite having the same level of housing stock.
Note that while Raleigh is performing well on migration, Charlotte actually lost people in Q1 2026.
Meanwhile, all 3 Ohio markets were at the top of BofAs migration list.