Multifamily Surges, Single-Family Hits a Divot
With single-family June starts taking a slight dip (0.9 percent) and multi-family sizzling along with a 29.4 percent increase, total housing starts expanded 9.8 percent month-over-month in June. This puts housing starts at a 1.174 million annual rate. The NAHB points out, though, that single-family starts are up 14.7 percent over June 2014 and measured on a three-month moving average, hit a post-recession high in June.
Click here for the association's news post. Permits for single-family construction increased about a percent, pushing for a 687,000 annual pace and up 6 percent year-over-year.
Multifamily construction starts (units in buildings with five or more units) are now showing a 476,000 annual rate and posted a 28.6% monthly growth rate, along with a 16.1 percent leap in permits.
As of June, the article points out, there were 500,000 multifamily (building with five or more units) under construction, compared to 372,000 single-family. This is a 20.5 percent gain in apartments against an 8.5 percent gain in single-family compared to June 2014.
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