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U.S. Housing Starts | The McLeod Group Network - KW Capital City Blog

Wednesday, September 19, 2018   /   by Amy McLeod

U.S. Housing Starts Rose in August

U.S. housing starts grew modestly last month, driven by an outsize jump in apartment building that masked weakness in the pipeline for single- and multifamily construction.
Housing starts increased 9.2% in August from the prior month to a seasonally adjusted annual rate of 1.282 million, the Commerce Department said Wednesday. This rise in building was driven by a robust 29.3% climb in the volatile multifamily sector that likely won’t be sustained.
Building permits, a more stable measure that can signal how much construction is in the pipeline, were down for multifamily building, a sign that demand continues to cool for apartments and condominiums.
Permits were also sluggish for the single-family sector, even as steady job and wage growth are helping drive home-buyer demand. Rising material costs and labor shortages are posing challenges for builders seeking to ramp up construction.
“Builders know that there is demand at a lower price point,” said Aaron Ter ...

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  amy mcleod, mcleod group network, building permits, u.s. housing starts