NEW YORK CITY – The housing market has always been a leading indicator of economic activity. And many in the commercial real estate arena suspect that it is likely to have peaked and is heading modestly lower this year with new data that shows residential starts are down for the single family and multifamily sectors, Kim Kennedy, director of forecasting for Dodge Data Analytics, a research and software firm, tells GlobeSt.com. "We are in the very late stages of the current economic recovery," she said.
Recent data shows that for the month of October total residential starts were down 2% to $311 billion at a seasonally adjusted annual rate. Single family housing dropped 7% to $225 billion, while multifamily was up 14% to $86.6 billion. Single family housing is much larger than multifamily housing, and its decrease was enough to offset the increase in multifamily starts – causing total housing to decline modestly, according to Kennedy.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
