The recent jump in housing starts was mainly driven by a surge in multifamily construction. At least that’s what the latest U.S. Residential Mortgage Market Update by Deloitte is claiming.
Tight housing supply in recent months has caused builders to respond by pushing housing starts in the first quarter above the one million mark for the first time since June 2008. Total housing starts rose 35% year-over-year in the first quarter, with multifamily starts up 9.1% to an annual rate of 340,000 units.
In April of this year, housing starts slowed their pace, likely as a result of inclement weather. However, permits rose indicating more construction later in the second quarter.
Read more...Multifamily construction pushes housing starts | 2013-08-22 | HousingWire
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