While the market for single-family homes remains deeply troubled, developers of apartment buildings are moving ahead with new construction -- likely expecting rising rents from tightening rental vacancy rates due to displaced homeowners.
"Home construction turned up unexpectedly in April and showed surprising vigor, making the biggest increase in two years. However, the increase was driven by a surge in multi-family housing, while single-family starts dropped.
Housing starts increased 8.2% to a seasonally adjusted 1.032 million annual rate, driven higher by a surge in apartment building construction, the Commerce Department said Friday. Starts plunged 13.8% in March to 954,000, the data showed; Commerce initially estimated March starts down 11.9% to 947,000.
Economists surveyed by Dow Jones Newswires expected April starts to drop by 1.4% to a 934,000-unit annual rate. The 8.2% increase was the largest monthly climb since a 14.0% jump in January 2006.
But year over year, housing starts were 30.6% below the level of construction in April 2007.
"The headline increase in starts means nothing; it is all due to a rebound in the hugely volatile, but essentially trendless, multi-family sector," said Ian Shepherdson of High Frequency Economics."
Read the full story: Housing Starts Post Surprise Rise
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The state-sanctioned urbicide of Austin
People don’t kill cities. Freeways do.
US to reduce Colorado River water deliveries to Mexico
A new Colorado Treaty amendment reduces Mexico’s Colorado River water allocation by 250,000 acre feet.
Nation's most wind-powered state turns to coal as data centers increase energy demand
For the first time in decades, Iowa has increased its generation of coal power.
NYC cools commuters with city's first rain garden above a bus stop
New York City officials say the plants in the rain garden can absorb 16 gallons of rainwater during heavy storms.
Brightline West’s future may rely on $6 billion federal loan
The company has until Nov. 2 to make a $400 million equity investment into its proposed high-speed rail line.
FREE Course: Walkable City 1: Why Walkability?
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Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
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Journal of the American Planning Association