Multifamily construction pushes housing starts

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Multifamily decline pushes housing starts down Wednesday, October 17, 2018 [Washington] Led by a drop in multifamily production, total housing starts fell 5.3 percent in Sept. to a seasonally adjusted annual rate of 1.2 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce.

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Multifamily Decline Pushes Overall Housing Starts Down in September October 17, 2018 Led by a drop in multifamily production, total housing starts fell 5.3 percent in September to a seasonally adjusted annual rate of 1.2 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department.

WASHINGTON, DC – Led by a steep 31.7 percent decline in multifamily production, nationwide housing starts fell 14.4 percent to a seasonally adjusted annual rate of 956,000 units in August, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

Multifamily construction starts at the U.S. level in 2017 dropped 12% to $84.9 billion, which followed a 10% increase in 2016 ($96.1 billion). Commercial building construction starts in 2017 slipped 3% to $109.8 billion, staying close to the 2016 level ($113.1 billion) achieved with a 22% hike that year.

The September reading of 1.2 million is the number of housing units builders would start if they maintained this pace for the next 12 months. Within this overall number, single-family starts edged down 0.9 percent to 871,000 units. Meanwhile, multifamily starts-which includes apartment buildings and condos-fell 15.2 percent to 330,000.

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Multifamily Drop Pushes Total Housing Starts Down as Single-Family Makes Gains. Multifamily weakness pushed overall permit issuance down 5.7 percent in February to a seasonally adjusted annual rate of 1.3 million units. Multifamily permits fell 14.8 percent to 426,000 while single-family permits were essentially unchanged, edging down 0.6 percent to 872,000.

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Housing Starts. Privately-owned housing starts in June were at a seasonally adjusted annual rate of 1,173,000. This is 12.3 percent (8.3 percent) below the revised May estimate of 1,337,000 and is 4.2 percent (10.2 percent)* below the June 2017 rate of 1,225,000.

Construction of Denver Apartment building time lapse -  681 days in 1 minute. Multi-family homebuilding plunged 9.2 percent while construction of single-family housing units increased 3.5 percent. Housing Starts in the united states averaged 1430.13 thousand units from 1959 until 2019, reaching an all time high of 2494 Thousand units in January of 1972 and a record low of 478 Thousand units in April of 2009.