Housing Starts Rise 5.9 Percent in July Despite Dip in Single-Family Segment
August 16, 2013
Housing starts rose 5.9 percent nationwide, as multifamily construction rebounded from a dip in the previous month, to a seasonally adjusted annual rate of 896,000 units in July, according to HUD and U.S. Census Bureau figures released in an Aug. 16 National Association of Home Builders report. Single-family housing starts declined 2.2 percent from an upwardly revised pace in June to a seasonally adjusted annual rate of 591,000 units.
"Builders are making every effort to keep up with the rising demand for new homes and apartments, and construction in both sectors is running well ahead of the pace we saw at this time last year," notes Rick Judson, chairman of NAHB. "However, ongoing issues with accessing credit and limited supplies of finished lots and labor are making it tough to do that, particularly for single-family builders."
Issuance of building permits, often an indicator of future building activity, rose 2.7 percent to a seasonally adjusted annual rate of 943,000 units in July. Single-family permits dipped 1.9 percent to 613,000 units, and multifamily permits gained 12.6 percent to 330,000 units, according to the report.
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