Multifamily Building Outpaces Single-family Home Construction

MHProNews has learned from the National Association of Home Builders (NAHB) reports that production of single-family homes and apartments rose in November 9.3 percent to a seasonally-adjusted annual rate of 685,000 units, the highest pace since October 2008. The primary impetus from the increase came from the multifamily sector which spiked 25.3 percent to a 238,000 unit seasonally-adjusted rate, the strongest pace since Sept. 2008. Single-family starts rose to 447,000 units, a 2.3 percent gain, the highest in six months. Single-family building permits rose 1.6 percent to 435,000 units while multifamily permits rose 13.9 percent to 246,000 units, their strongest pace since October of 2008. Regionally, in November, the Northeast registered the highest housing start gain with a 53.9 percent increase. The West posted a 22.6 percent gain, the South moved up 4.1 percent, while the Midwest saw a drop of 18.2 percent in housing starts. Issuance of building permits rose 32.8 percent in the Northeast and 21.4 percent in the West. Permits fell 2.6 percent in the South and 1.9 percent in the Midwest.
(Graphic credit: NAHB)

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