Multifamily Surge Pushes Housing Starts Up 9.8 Percent in June

By / 1 year ago

NAHBWASHINGTON—Led by a steep jump in multifamily production, nationwide housing starts rose 9.8% to a seasonally adjusted annual rate of 1.174 million units in June, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Multifamily production was up 29.4% to a seasonally adjusted annual rate of 489,000 units while single-family starts edged down 0.9 percent to 685,000 units.

“The multifamily gains this month are encouraging and show that the millennial generation continues to be drawn to the rental market,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo.

“While builders are reporting overall confidence in the housing market, they continue to note difficulties accessing land and labor,” said NAHB Chief Economist David Crowe. “These headwinds appear to be affecting production gains in the single-family sector.”

Regionally in June, combined single- and multifamily starts rose by 35.5 percent in the Northeast and 13.5 percent in the South. The Midwest and West posted respective losses of 0.7 percent and 6.0 percent.

Multifamily permits rose 15.3 percent to a rate of 656,000. Single-family permits inched 0.9% to 687,000.

All four regions posted permit gains in June. The Northeast, Midwest, South and West posted respective permit gains of 2.8 percent, 2.9 percent, 10.4 percent and 9.5 percent.

Source: NAHB

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