Multi-Family Housing Starts Tumble

By Rich Christianson | Posted: 03/05/2013 10:27AM

 

WASHINGTON - Multi-family housing starts declined 24.1% to 277,000 units in January, putting at least a momentary damper on the recovery of the new housing market.

New Housing According to the U.S. Census Bureau, January housing starts slipped 8.5% to a seasonally adjusted annual rate of 890,000 units. On a brighter note, the issuance of permits for new home construction increased 1.8% to 925,000 units - the quickest pace since mid-2008. 

David Crowe, chief economist of the National Association of Home Builders, said, "Today's report is quite positive in that it shows continued upward movement in single-family housing production and permitting activity for both single- and multifamily units. Meanwhile, the decline in multifamily starts reflects an adjustment from an unsustainably large gain in December, and is consistent with the up-and-down swings that are often associated with that sector."

January's new home construction skid was confined to the Midwest, down 50%; and the Northeast, down 35.3%. New housing construction gains were recorded in the West, up 16.7%; and the South, up 4.1%.

 

About the Author

Rich Christianson

Rich Christianson is Associate Publisher and Editor at Large of Woodworking Network. During his 25+ years covering the wood products industry, Rich has toured hundreds of manufacturing plants throughout North America, Europe and Asia. His reporting has covered everything from the state of the industry and impact of wood imports to technology and environmental issues. In his current capacity he is responsible for editing the daily Woodworking Network Update newsletter and coordinating events including the annual Cabinets & Closets Conference & Expo and Canada’s biennial Woodworking Machinery & Supply Expo. He can be contacted at rchristianson@woodworkingnetwork.com or follow him on Google+.

Read more of Rich Christianson's blogs.


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