Tag Archive for ‘multifamily’

Broad Declines for Housing Starts in April

As indicated by the NAHB/Wells Fargo Housing Market Index (HMI), housing starts retreated in April due to the economic consequences of government-imposed lockdowns associated with virus mitigation. Single-family starts were 25% lower in April, at a seasonally adjusted annual rate of 650,000. Since the peak rate in February, the pace of single-family construction has declined 37%. The April pace was… Read More ›

Construction Layoffs in March

Backward-looking data illustrate the degree of damage done by the sudden stop of the U.S. economy due to the public health response associated with the coronavirus. For example, there were 4,300 net job losses in residential construction in March, followed by a staggering 415,000 losses in home building and remodeling in April. The leading edge of this job loss was… Read More ›

Single-Family Permits Were Solid in March

Over the first three months of 2020 – and prior to the impact of the coronavirus, the total number of single-family permits issued year-to-date (YTD) nationwide reached 220,416. On a year-over-year (YoY) basis, this is an 18.9% increase over the March 2019 level of 185,336. Year-to-date ending in March, single-family permits reported growth across the four regions ranging from 21.7%… Read More ›

Housing Starts Decline in March amidst Virus Impacts

According to estimates from the Housing and Urban Development and Commerce Departments, single-family starts began an expected, virus-related decline in March. Construction activity is expected to fall as virus mitigation efforts result in increased unemployment, economic uncertainty and lost business activity. Despite a strong start for 2020 in January and February, the April NAHB/Wells Fargo HMI point to additional construction… Read More ›

Single-Family Permits Were Strong in February

Over the first two months of 2020 – and prior to the impact of the coronavirus, the total number of single-family permits issued year-to-date (YTD) nationwide reached 141,467. On a year-over-year (YoY) basis, this is a 21.8% increase over the February 2019 level of 116,189. Year-to-date ending in February, single-family permits reported growth across the four regions ranging from 27%… Read More ›

How Home Building Can Lead a Recovery by Generating Jobs

As the U.S. economy struggles under the burden of the coronavirus pandemic, economists are discussing how a recovery might unfold once social distancing and other measures begin to succeed.  A recent NAHB article illustrates the role home building can play in a recovery by generating jobs. The article published updated estimates of the national economic impact of home building.  The… Read More ›

Housing Permits Started 2020 Strong

Over the first month of 2020 – and prior to the impact of the coronavirus, the total number of single-family permits issued year-to-date (YTD) nationwide reached 70,386. On a year-over-year (YoY) basis, this is a 21.2% increase over the January 2019 level of 58,086. Year-to-date ending in January, single-family and multifamily permits reported growth across the country. Northeast led in… Read More ›

Multifamily Builder and Developer Confidence Unchanged in Fourth Quarter

Confidence in the market for new multifamily housing remained unchanged in the fourth quarter of 2019, according to results from the National Association of Home Builders’ Multifamily Market Survey (MMS). The MMS produces two separate indices: The Multifamily Production Index (MPI) which remained even at 49 (Figure 1), and the Multifamily Vacancy Index (MVI) which also remained unchanged at 40… Read More ›

Multifamily Built-for-Rent: 94% Market Share

An elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-Great Recession period. According to fourth quarter 2019 data, the average per unit square footage of multifamily housing construction starts was 1,074, off from the post-recession high set at the start of 2015 (1,247 square feet). The median was 1,053 square feet for… Read More ›