Housing Permits

Starts, Permits Showed Surprise Gains Last Month

Posted on by TMN Editor
Housing construction rebounded by more than expected in February, led by a surge in multifamily projects. New U.S. home construction rose for the first time in six months, according to data from the U.S. Census Bureau. Residential starts increased by 9.8% from January to an annualized rate of 1.45 million. This greatly exceeds estimates from economists surveyed by Bloomberg, who expected a pace of 1.31 million. Permits for new homes also increased, up by 13.8% to a rate of 1.52 million. Permits offer an indication of how many homes will be built in the coming months. Both multifamily and single-family construction saw gains, though multifamily had the best showing with a 24% increase, the most in almost two years. Rents…

Starts, Permits Drop For Third Month Straight

Posted on by TMN Editor
Housing construction slid again in November as inflationary pressure and high rates kept demand down. Residential starts fell 0.5% from October to an annualized rate of 1.43 million, down 16.4% from the same time last year, according to data from the U.S. Census Bureau. This is the third consecutive decline for these data. Economists surveyed by the Wall Street Journal predicted starts would fall to 1.4 million from October’s initial estimate of 1.43 million. Single-family starts dropped 4.1% month-over-month to an annualized rate of 828,000. This is their lowest level since May 2020. Permits for new homes fell 11.2% to a rate of 1.34 million. Single-family permits tanked by 7.1% to their slowest pace since 2020. Permits offer an indication…