The recent jump in housing starts was mainly driven by a surge in multifamily construction. At least that’s what the latest U.S. Residential Mortgage Market Update by Deloitte is claiming. Tight.
Commercial and multifamily construction starts for the Miami FL metropolitan area moved in opposite directions during 2017, producing a 20% decline for the commercial and multifamily total after the 25% gain that was reported for 2016. Multifamily housing plunged 50% in 2017, compared to the robust volume in 2016 that included 12 projects.
· Multifamily Drop Pushes Overall Starts Down; Single-Family Count Rises 2.9% permits fall 5.7% overall and 0.6% for single family. Housing starts in February fell 7% from January and 4% from the same month last year to a seasonally adjusted annual rate of 1,236,000, the Census Bureau and Deptartment of Housing and Urban Development reported today.
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The 4% increase for commercial and multifamily construction starts at the U.S. level in 2018 reflected greater activity for multifamily housing, up 8% to $95.1 billion, and the commercial building.
· Yet, Single-family Home Construction Picks Up Pace According to the U.S. Department of Housing and Urban Development and the Commerce Department, a decline in multifamily starts pushed overall housing production down 7.0 percent in February 2018 to a seasonally adjusted annual rate of 1.24 million units.
Multifamily Industry Pushes Construction Starts Past Million Mark Aug 27, 2014 With all of the multifamily construction projects taking place serving as an indicator of just where the housing market is heading, for the first time since the recession, nationwide housing starts have bumped past the million-unit mark.
MGIC writes $2.1B in new primary mortgage insurance Moody’s tempers multifamily bubble fears Moody’s Investors Service View on US Multifamily REITs. In Moody’s opinion, the operating performance of US multifamily REITs will continue to decelerate this year. We expect net operating income (NOI) growth for multifamily REITs that we rate to slow to about 2.7 percent by the end of 2017, down from 5.5 percent growth at year-end 2016.
· In July of 2017 there were 716 total multi-family starts in the Calgary metropolitan area (cma), down from 764 on a year-over-year basis. This is just one figure in our multi-family housing starts update for July 2017. See the rest for apartments, duplexes and townhomes below: #1 – Townhome Construction Up
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Multifamily Decline Pushes Overall Housing Starts Down in September October 17, 2018 Led by a drop in multifamily production, total housing starts fell 5.3 percent in September to a seasonally adjusted annual rate of 1.2 million units, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce.
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· The September reading of 1.2 million is the number of housing units builders would start if they maintained this pace for the next 12 months. Within this overall number, single-family starts edged down 0.9 percent to 871,000 units. Meanwhile, multifamily starts-which includes apartment buildings and condos-fell 15.2 percent to 330,000.