New Home / Multifamily Construction is Up

carpenter working on a new roofAmong the many ‘doom & gloom’ articles about the economy I’ve seen recently, two were optimistic.

The first, from June, (http://ow.ly/5U740) says “New-home construction popped to a five-month high in June, surprising economists and fueling hope that the long-struggling U.S. housing market could at last begin to add strength to the economic recovery. Work started on 629,000 houses in June, an increase of 15 percent from May and nearly 17 percent from the corresponding period last year, according to data released Tuesday by the Commerce Department. Economists had predicted 575,000 housing starts for the month. All regions of the country — Northeast, Midwest, South and West — saw increases in home-building activity, according to the data, and both single-family and multi-family homes posted monthly increases in each region.”

The second, (http://ow.ly/5U0VR) says single-family housing starts again posted a 9.4% gain, their best pace since November of 2010. Multifamily starts gained a dramatic 30.4%, their best pace since January.

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