Search
 

Apartment Starts, Permits Jump in October

Although recovery from Hurricanes Harvey and Irma drove much of the activity in construction and authorizations last month, it wasn't the whole story on a national basis.

By Paul Bubny | Updated on November 17, 2017

Census Bureau headquarters Census Bureau headquarters. (Photo: Skidmore, Owings & Merrill LLP)

WASHINGTON, DC—October’s residential construction starts and permits beat analysts’ estimates, with multifamily putting in an especially strong showing. While building activity in the comparatively volatile apartment sector has often trailed that of single-family over the course of this year—and at times brought down the overall gains—October data from the Census Bureau show the sector leading the way.

Overall residential starts in October were at a seasonally adjusted annual rate of 1.29 million units, up 13.7% from September and the fastest pace in a year. Economists polled by Reuters and Bloomberg News had projected annualized totals of 1.185 and 1.19 million units, respectively. Starts for single-family were up by 5.3%, while multifamily groundbreakings jumped 36.8% from the previous month to an annualized pace of 393,000 units.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.