Eye On Housing
Total housing starts increased in January, led by strong gains for multifamily development. Starts jumped 9.7% to a 1.33 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 January, rising 3.7% to an 877,000 seasonally adjusted annual rate. The three-month moving average for single-family starts remained near a post-recession high rate of construction (890,000). The gains for single-family starts match ongoing healthy levels of the NAHB/Wells Fargo Housing Market Index, now registering a score of 72. Single-family permits posted a slight decline of 1.7% in January, but that decline was off a strong December permitting rate.
Multifamily starts were up almost 24% to a noticeably strong seasonally adjusted annual rate of 449,000 in January. Multifamily permits also posted a gain in January, with permitting rising 27%. Multifamily data tends to be volatile in the month-to-month data.
With respect to housing’s economic impact, 55% of homes under construction in December were multifamily (621,000). With production declines in 2017, the current count of multifamily units under construction is just slightly lower than a year ago (621,000). In January, there were 499,000 single-family units under construction, a gain of almost 12% from this time in 2017.
The article shows the increasing level of total housing starts since January. It was accompanied by strong gains from multifamily development. The chart compiled data to contrast the figures generated by multifamily and single family. For any construction related query, please visit ➤ http://www.marwoodconstruction.com.
This economic trend carried through the pandemic. This may be the most robust housing cycle historically in modern home building.
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