Residential Construction, Permitting Spiking in Early 2018
"Amid a general rise in residential construction activity last month, multifamily starts posted especially strong gains," reports Paul Bubny.
According to new data from the Census Bureau and the Department of Housing and Urban Development, "[a]partment starts were up 23.7% in January from the previous month to a seasonally adjusted annual rate of 449,000 units, while single-family starts were up 3.7%," adds Bubny. "Overall, housing starts rose 9.7% from December to an SAAR of 1.33 million units."
Bubny also notes that the numbers were even better for permitting: "Overall permit issuance rose 7.4% for the month to an SAAR of 1.4 million units, a post-recession high. Multifamily permits increased 26.5% to 530,000 while single-family permits slipped 1.7% to 866,000."