Search
 

Apartment Starts Are Up, Permits Are Down

In contrast, permits on single-family homes hit the highest level in November in more than a decade.

By Paul Bubny | Updated on December 19, 2017

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

WASHINGTON, DC—As part of a housing report that also saw new single-family construction reach a 10-year high in November, the Census Bureau on Tuesday reported an 11.1% seasonally adjusted increase year-over-year in multifamily starts for the month. However, in keeping with a trend reported recently by RealPage, permits for residences of five or more units were down 8.8% from October and 7.7% from November 2016 to a seasonally adjusted annual rate of 395,000 units. In contrast, permits on single-family homes hit the highest level in more than a decade.

Conversely, permits for single-family residences were up 9.7% Y-O-Y and permits overall were up 3.4%. “The year-over-year increase in housing starts is good news for the housing market, as starts are the source of future completions, meaning an increasing amount of new housing supply is on the way,” says Mark Fleming, chief economist at First American Finance Corp. “Housing completions have just begun to keep up with new household formation this past quarter.

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.