Recent trends in multifamily permitting, which is a volatile indicator of multifamily construction, nevertheless show that there’s strong developer interest in building apartments in the post-Great Recession environment. The U.S. Census Bureau reported recently that June residential permitting numbers were actually down compared with May (there’s the volatility), but consistently up during most of 2012 when compared with last year.
Privately owned multi-housing units authorized by building permits in June were at an annualized rate of 755,000 units, down 3.7 percent from the revised May rate of 784,000 but 19.3 percent above the June 2011 rate, according to the bureau. The June multifamily permit number of 220,787 marks eight consecutive months of permitting above 200,000 levels, driven by developers and investors gearing up to take advantage of the strong apartment market fundamentals.
Read more...Multifamily Permits Continue to Rise on Annual Basis | Multi-Housing News Online
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