MF Starts Rise While Permits Fall
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Construction has shown “gradual improvement” throughout the year, says Crowe.
WASHINGTON, DC—Construction starts on multifamily units rose 18.3% in September from the previous month, and 28.6% year over year, fueling a 6.5% increase overall in residential starts to the second-highest monthly tally in eight years, the federal government said Tuesday. However, data from the Census Bureau and theDepartment of Housing and Urban Development also show that permits for new apartment units declined on both a monthly and annual basis, while permits overall were off 5% from the previous month although up 4.7% Y-O-Y.
Single-family starts ticked upward in September, rising by 0.3% to a seasonally adjusted annual rate of 740,000 units. “Despite the modest month-over-month differentials in single-family production, this sector has shown gradual improvement throughout 2015,” says David Crowe, chief economist for theNational Association of Home Builders. “Since January, single-family starts are up 11% and we anticipate a similar pace for the rest of this year.”…
