Housing Starts

Multifamily development drives March increase in housing starts New construction rebounded sharply from a February dip

A multifamily development in San Jose, California (Credit: Flickr)

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ion starts exceeded expectations in March on the ba上海夜网论坛

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ck of strong multifamily development.

A federal report released Tuesday show that residential new construction rose by 1.9 percent to a 1.32 million annualized rate, around 50,000 more than the 1.27 million earlier predicted, according to Bloomberg.

The typically volatile multifamily sector saw starts rise by 14.4 percent, reversing the 10.2 percent drop in February. A 19.7 percent increase in multifamily starts in January fueled that month’s overall 9.7 increase in construction starts.

In March, single-family homes dropped 5.5 percent, the most in seven years, because of a shortage of workers, rising costs of materials, and few ready-to-build lots available, Bloomberg reported.

Geographically, the Midwest saw the most month-over-month growth, gaining 22.4 percent阿爱上海同城

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. Starts in the Northeast rose by a modest 0.8 percent and starts dro上海同城对对碰交友社区

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both the South and the West. The report was a joint effort of the Census Bureau and Department of Housing and Urban Development [Bloomberg] — Dennis Lynch 

Tags: Commercial Real Estate, housing starts, Multifamily
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