The Gypsum Files

Notes on the Rock Nobody Knows

Starts and Permits over One Million

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Interesting data on housing starts and why a surge in construction does not necessary mean a strong recovery.

Eye on Housing

Housing starts exceeded one million for first time since last year and housing permits were over one million for a third consecutive month. The increases were almost entirely in multifamily rental construction.
Multifamily construction soared 40% to 423,000 starts, the highest since January 2006 and permits also rose 20% to 478,000, the highest in almost six years. Multifamily starts were particularly strong in the Midwest where they more than doubled from an unusually low 42,000 to 100,000.

Single-family starts increased 5,000 (on a seasonally-adjusted annual basis) to 649,000 from an upwardly revised March that was 635,000. Single-family permits rose 2,000 but also from an upwardly revised March that was 592,000. Single-family starts were unchanged in the Northeast and down 2.6% in the South while rising 5.5% in the Midwest and 5.8% in the West.

The rise in multifamily is indicative of the continued demand for rental apartments by young, newly-formed…

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Written by Elizabeth McCullough

May 19, 2014 at 10:07 am

One Response

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  1. […] housing starts grew to one million a year during the boom that started in 1948.  (By contrast, housing starts in 2009 were fewer than 600,000 and are just now breaking one million a […]

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