24 Housing Strategy | ENVISION FRANKLIN HOUSING CONSTRUCTION, PIPELINE, AND APPROVALS Franklin has had a steady approval of new housing units, ample pipeline, and consistent stream of new units over the last 7 years. From 2016 – 2022, Franklin approved an average of 1,676 new housing units annually, with a median of 9,712 total approved units in the pipeline to be built. In that same period, an average of 1,162 new housing units came online annually in Franklin. Most recently, in 2022, there were 12,748 approved residential units in the pipeline, or about 31% above the 7-year average. With the 2022 new construction rate of 1,094, there is a ratio of approximately 1 new home for every 12 in the pipeline. The top housing types in the pipeline are 16% single-family homes, 27% townhomes/condominiums, and 54% apartments. Data sources: City of Franklin Development Reports, 2016 – 2022. 9,097 8,879 7,293 8,584 10,816 13,708 12,748 1,028 861 302 1,978 3,143 3,790 631 1,295 1,595 1,027 1,126 980 1,017 1,094 2016 2017 2018 2019 2020 2021 2022 CITY OF FRANKLIN APPROVALS IN THE HOUSING PIPELINE & NEW UNITS BUILT 2016 - 2022 Total Pipeline Approved New Housing Units
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