Production and permitting of new single-family homes in the U.S. continued on an upward trajectory in July, according to numbers from the U.S. Commerce Department. Meanwhile, declines on the multifamily side dragged down the overall numbers, with combined single- and multifamily starts down 1% to a seasonally adjusted annual rate of 581,000 units and combined single- and multifamily permits down 1.8% to a 560,000-unit rate.
Single-family housing starts posted a 1.7% gain to a seasonally adjusted annual rate of 490,000 units in July, while single-family permits registered a 5.8% gain to 458,000 units. Both of these were the highest levels registered since October of 2008. Meanwhile, multifamily starts tied a record low set in April of this year, falling 13.3% to a 91,000-unit rate. Multifamily permits fell 25.5% to 102,000 units.
Housing starts fell in three out of four regions in July. The Northeast posted a 16.3% decline, while the South and West posted more moderate declines of 1.4% and 1.6%, respectively. The Midwest was the only region to report a gain, of nearly 13%. Meanwhile, housing permits fell 5.2% in the Northeast and 9.2 percent in the South, but gained 14.1% in the Midwest and 7% in the West in July.
to Daily News