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Surge in Multifamily Pushes Up U.S. Housing Starts for June
A surge in multifamily construction pushed U.S. housing starts up 3% in June to a seasonally adjusted annual rate of 1.35 million units, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau said Wednesday. New construction in the volatile multifamily sector rose 19.6%, while single-family starts were down 2.2% for the month.
The story was similar in permits for residential construction during June. Overall permits increased 3.4% to a 1.45-million-unit annualized rate, single-family permits decreased 2.3% and multifamily permits increased 15.6% to an annualized pace of 512,000 units.
Meanwhile, multifamily completions reached a 673,000 seasonally adjusted annual rate in June, representing the fastest pace for apartment completions since May of 1986. That being said, the National Association of Home Builders reported that the number of multifamily units under construction continues to fall, declining 1.6% to an annualized 895,000-unit count and down 11.4% from a year ago.
- ◦Development
