Tag Archive for ‘multifamily’

Multifamily Unit Size Trends Lower

According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts increased to 94.2% during the fourth quarter of 2021.  In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period. Condo… Read More ›

Slight Decline for January Single-Family Starts

Single-family starts dipped somewhat in January, as ongoing supply-chain issues are adding cost and construction time to home building. The availability of labor and lots also remain key headwinds, with labor likely to become more challenging in 2022. Overall housing starts decreased 4.1% to a seasonally adjusted annual rate of 1.64 million units, according to a report from the U.S…. Read More ›

Multifamily Permits End on a Strong Note for 2021

For 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 1,111,414. On a year-over-year (YoY) basis, this is a 13.7% increase over the December 2020 level of 977,863. Year-to-date ending in December, single-family permits increased in all four regions. The Northeast region reported the strongest increase of 15.9%, followed by the South (+15.2%), the Midwest (+11.2%), and… Read More ›

Housing Share of GDP: 16.4%

Thanks to a surge in residential investment during 2020 and ongoing strength in 2021, housing’s share of GDP remains elevated compared to most of the post-Great Recession period. Due to the pandemic, market conditions evolved with a renewed focus on the importance of home, a shifting geography of housing demand, and a lack of for-sale inventory. Housing continued to expand… Read More ›

Housing Starts End 2021 with Annual Gains

Home building ended 2021 with strong annual gains as demand accelerated in the wake of the pandemic. These annual gains were realized despite supply-chain limitations for materials and ongoing access issues for labor and lots. Single-family starts ended 2021 with a 13.4% increase for a total of 1.123 million starts. Multifamily 5+ unit construction ended the year with a 22.1%… Read More ›

November Single-Family Permit Gains

Over the first eleven months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 1,029,208. On a year-over-year (YoY) basis, this is a 15.9% increase over the November 2020 level of 888,217. Year-to-date ending in November, single-family permits increased in all four regions. Southern region reported the strongest increase of 17.6%, followed by Northeast (+15.8%), West… Read More ›

Apartment Absorption Surged while Condominium Absorption Remained Steady

Data from the Survey of Market Absorption of Apartments (SOMA), produced by the Census Bureau, suggest continued improvement for the multifamily sector in the second quarter of 2021 due to strong demand and low vacancy rates. The absorption rate of unfurnished, unsubsidized apartments (the share rented out in the first three months following completion) rose by 15 percentage points to… Read More ›

Housing Starts Show Strength in November

Single-family housing showed strength in November despite supply-chain limitations for materials and ongoing access issues for labor and lots. Overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The November reading of 1.68 million starts is… Read More ›

October Single-Family Permit Gains

Over the first ten months of 2021, the total number of single-family permits issued year-to-date (YTD) nationwide reached 948,321. On a year-over-year (YoY) basis, this is a 17.3% increase over the October 2020 level of 808,301. Year-to-date ending in October, single-family permits increased in all four regions. Southern region reported the strongest increase of 19.1%, followed by Northeast (+18.5%), West… Read More ›

Inflation Surges in November

In November, consumer prices increased by 6.8% from a year ago. It marks the largest year-over-year gain since June 1982. Supply-chain constraints and strong consumer demand related to the pandemic and the reopening of the economy have contributed to recent price increases in some sectors. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by… Read More ›