Home starts of structures with five or more units, which rose 56% and 38% respectively in the past two years, are expected to be up again, by 22% to 299,000 units, in 2013, according to NAHB estimates. But several builders in the audience of a seminar at which the association presented its projections during the International Builders' Show last Thursday openly challenged NAHB’s 2013 and 2014 forecasts as being too low and not adequately reflecting what they saw as the increasing share of total starts that rental properties are likely to capture.
Robert Dietz, NAHB’s assistant vice president, tried to put NAHB’s findings within a larger context of events that are driving the housing market’s recovery. Housing, he noted, is contributing positively again to the nation’s GDP growth. The country has also recovered 5 million of the 9 million jobs it lost during the economic recession, and household formation has been rising over the past six quarters to an annualized rate of 850,000. “We see these trends as moving in the right direction,” Dietz said.
Read more...Can the Multifamily Boom Last? - Multifamily, Housing Data, Housing Starts, Housing Trends - Multifamily Executive Magazine
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