Tag Archive for ‘multifamily’

How Long Does It Take to Build an Apartment Building?

The average length of time to complete construction of a multifamily building, after obtaining authorization, was 11.7 months according to the 2014 Survey of Construction (SOC) from the Census Bureau. The permit-to-completion time increased by approximately one month from 2013 to 2014, as per unit median square footage and the share of multifamily buildings with 20+ units rose. The average… Read More ›

New Multifamily Unit Size Dips

An elevated market share for rental multifamily homes is holding typical new apartment size below levels seen during the housing boom. However, as multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. The recent pattern of change in the size of new multifamily units stands in contrast to the post-recession increase in the size of… Read More ›

Slow Rise in Consumer Prices in July

The Bureau of Labor Statistics (BLS) reported consumer prices increased in July. The Consumer Price Index (CPI) rose at a seasonally adjusted annual rate of 1.6%, slower than 3.9% in June. Excluding the volatile food and energy components, the “core” CPI rose at a seasonally adjusted annual rate of 1.6% in July. Energy prices were stabilized and rose at a… Read More ›

Builders Continue to Build

July housing starts moved sideways, but the split between single-family and multifamily showed much greater change. Single-family housing starts increased almost 13 percent from June and topped the highest annualized rate since January 2008 when home buyer credits were available. Removing some of the monthly aberrations, the three-month moving average has been steadily increasing since the trough in 2011. Multifamily… Read More ›

Construction Job Openings Remain High as Hiring Slows

The count of construction job openings fell somewhat in June, albeit from an upwardly revised estimate for the month of May. Post-revision, the May count of unfilled construction positions was second only to the month of March. The number of unfilled jobs in construction remains high, even as hiring slowed for the residential construction sector in recent months. According to the… Read More ›

The Employment Situation in July – March to September

The Employment Situation report for July offered more evidence of steady progress in the labor market recovery, the accumulated improvement that may convince the Federal Reserve that it’s time to start raising interest rates. The Bureau of Labor Statistics (BLS) reported that payroll employment expanded by 215 thousand in July. Revisions to May and June added 14 thousand additional jobs…. Read More ›

June Gains for Residential Construction Spending

NAHB analysis of Census Construction Spending data shows that total private residential construction spending for June increased to a seasonally adjusted annual rate of $378 billion. On a month-over-month basis, private multifamily spending increased to $52 billion, up by 2.82% over the revised May estimate, while private single-family spending was $211 billion, a slight decline of 0.27% after two months… Read More ›

Federal Open Market Committee July Meeting – Afternoon Tea

At 2:00 pm today the Federal Reserve’s monetary policy setting committee, the Federal Open Market Committee (FOMC), concluded its July meeting and released the standard post-meeting statement. Let the reading of the tea leaves begin. Analysts’ expectations for the meeting were for no major changes and the FOMC delivered: marginal changes in the assessment of economic conditions (more later), no… Read More ›

Homeownership Falls, Household Formations Rise

According to the Census Bureau’s Housing Vacancy Survey (HVS), the nation’s homeownership rate in the second quarter of 2015 fell to a post-1967 low point of 63.4%. The homeownership rate decreased by 130 basis points on a nonseasonally adjusted basis from the second quarter of 2014 to the second quarter of 2015. Compared to the peak at the end of… Read More ›