he multifamily sector’s volatility in terms of construction starts continued in May, with the federal government on Friday reporting a 1.2% decline in new apartment construction for the month. That followed a jump of 11.9% in April.
Overall, new residential construction nationwide saw a decline of 0.3% from the previous month, with new starts reaching a seasonally adjusted annual pace of 1,164,000, a 9.5% increase from the year-ago period. For single-family housing, the figure was up 0.3% to an annualized 764,000, while starts in properties of five units or more reached 396,000, according to data from the Census Bureau and the Department of Housing and Urban Development.
Read more...Apt. Starts Continue Monthly Volatility | GlobeSt.com