Surge in Multifamily Drives Increase in U.S. Housing Starts for June

Surge in Multifamily Drives Increase in U.S. Housing Starts for June

In June, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported a 3% increase in housing starts to a seasonally adjusted annual rate of 1.35 million units, driven by a surge in multifamily construction activity.

The volatile multifamily sector saw an impressive rise of 19.6%, while single-family starts experienced a slight decline of 2.2%. A similar trend was observed for permits for residential construction, with an overall increase of 3.4% to an annualized rate of 1.45 million units but single-family permits decreasing by 2/3%.

On the other hand, multifamily completions reached their fastest pace since May of1986 at a seasonally adjusted annual rateof673000unitsinJune.TheNationalAssociationofHomeBuilders also noted that although there has been strong completion activity for apartments recently,the numberofmultifamilyunitsunderconstructioncontinuestodeclineby1/6%,withanannualizedcountof895000unitsandadropoff11/4%fromlastyear’sfigures.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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