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Rise in Multifamily Permits, Starts is Blip on Industry Radar Screen

NEW YORK CITY-US Dept. of Commerce figures released yesterday show a nationwide uptick in multifamily housing starts and permits last month but a REIT analyst with Lehman Brothers tells GlobeSt.com that the data do not indicate overbuilding in a sagging economy.

By Glen Thompson | Updated on August 16, 2001

NEW YORK CITY-A bump in the number of multifamily building permits issued and holes dug last month are not enough to throw off the currently congenial ratio of supply and demand, a Lehman Brothers REIT analyst tells GlobeSt.com.

The markets basically are in equilibrium,” analyst David Harris tells GlobeSt.com. “Despite a blip up in July, we still believe the multifamily sector is in balance with regard to demand and supply.”

July housing starts for multifamily buildings of five or more units jumped 14.4% over June, from 291,000 to 333,000 units. Building permits for the same period rose from 284,000 to 293,000 units. According to Harris, while the numbers may sound significant, they still fall within analysts’ comfort levels.

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