Tag Archive for ‘multifamily’

Multifamily Unit Size Falls

The elevated rental share of multifamily construction is holding typical apartment size below levels seen during the pre-recession period. As multifamily developers build more for-sale housing units in the years ahead, the average size of multifamily homes is likely to rise. However, size fell at the start of 2018 according to NAHB analysis of Census data. According to first quarter 2018 data, the… Read More ›

Single-Family Starts Flat in April

Total housing starts declined in April due a drop in the volatile multifamily category. Starts decreased 3.7% month-over-month to a 1.29 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. The pace of single-family starts was roughly flat in April, after an upward revision to the March rate (increased from an initial… Read More ›

Apartment Absorption Steady While Condominium Absorption Climbs

The U.S. Census Bureau produces the Survey of Market Absorption (SOMA), which tracks what happens to apartments in buildings with five or more units after they are completed. In the third quarter of 2017, 77,900 unfurnished, unsubsidized rental apartments were completed.  This is a 6 percent increase over units completed in the third quarter of 2016 (73,400 units) (FIGURE 1)…. Read More ›

Small Gain for Housing Starts in March

Total housing starts increased slightly in March, led by multifamily construction strength. Starts increased 1.9% to a 1.32 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. However, the pace of single-family starts declined in March, falling 3.7% to an 867,000 seasonally adjusted annual rate, due to lingering weather effects in some parts… Read More ›

Housing Share of GDP

With the release of the final estimate of fourth quarter 2017 GDP growth (a 2.5% annual growth rate), housing’s share of gross domestic product (GDP) rose slightly to 15.4%. The home building and remodeling component – residential fixed investment – also increased slightly, rising to 3.5%. Housing-related activities contribute to GDP in two basic ways. The first is through residential fixed investment (RFI). RFI is effectively the measure… Read More ›

Private Residential Spending Grew in February

NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate of $533.4 billion in February, a gain of 0.1% from the upwardly revised estimate of January. Over the past 12 months, total private residential construction spending was up 5.5%. The monthly gains are largely attributed to the large increase… Read More ›

Multifamily Decline In February

Total housing starts declined in February, led by a reversion to trend for multifamily development. Starts fell 7% to a 1.24 million seasonally adjusted annual rate, according to the joint data release from the Census Bureau and HUD. The pace of single-family starts expanded in February, rising 2.9% to a 902,000 seasonally adjusted annual rate. The three-month moving average for single-family… Read More ›

January Gains in Single-Family Construction Spending

NAHB analysis of Census Construction Spending data shows that total private residential construction spending stood at a seasonally adjusted annual rate (SAAR) of $529.9 billion in January 2018, up by 0.3% after a decline of 0.5% in December 2017. Compared to the same month a year ago, total private residential spending increased 4.2%. The monthly gains are largely attributed to… Read More ›

Multifamily Built-for-Rent Share Remains Elevated

The market share of rental multifamily construction starts ticked back up to an elevated level of 95% in the fourth quarter of 2017, according to NAHB analysis of Census data. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. The average share of 80% was recorded during the 1980-2002… Read More ›