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U.S.: Single-Family Production Pushes Housing Starts Up in August
The annualized rate of multifamily production fell 11.1 percent to a seasonally adjusted annual rate of 263,000 units.
“Overall, this is an encouraging report as builders are seeing pent-up demand begin to be released for single-family homes despite headwinds such as rising mortgage rates and tight credit conditions,” said Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C.
“This is the kind of signal we’ve been looking for, with single-family starts and permits up or holding steady across every region in the nation,” said NAHB Chief Economist David Crowe. “Today’s report is reflective of gradual improvement in buyer confidence in the overall market and our recent surveys that indicate a solid outlook for single-family production. On the multifamily side, we are catching up with underlying rental demand. We expect to see additional multifamily starts in the future, but not as rapid a pace of growth as we’ve seen in the past.”
Overall building permits, which are an indicator of future building activity, declined 3.8 percent to 918,000 units in August. This was due entirely to a pullback in the multifamily sector, where permits fell 15.7 percent to 291,000 units. Single-family permits posted a 3 percent gain to 627,000 units -– the best pace since May of 2008.
Regionally, single-family permit issuance increased 2.9 percent in the Midwest, 2.5 percent in the South, 5.3 percent in the West and held steady in the Northeast.
Privately-owned housing completions in August were at a seasonally adjusted annual rate of 769,000. This is 0.3 percent (±15.6%) above the revised July estimate of 767,000 and is 12.1 percent (±15.1%)* above the August 2012 rate of 686,000.
Single-family housing completions in August were at a rate of 573,000; this is 0.5 percent (±12.8%) above the revised July rate of 570,000. The August rate for units in buildings with five units or more was 191,000.