NAHB Chief Economist David Crowe said, “Builders are being careful not to add inventory beyond expected demand, especially as they struggle with increasing costs for lots, labor and materials,” said NAHB Chief Economist David Crowe. “However, pent-up demand, low mortgage interest rates and a growing economy should keep the housing industry moving forward throughout the rest of the year.”
Regionally, multifamily and single-family housing starts surged in the Northeast 114.9 percent, and rose in the Midwest 31.3 percent. Housing production fell 19.3 percent in the West and 3.5 percent in the South.
Overall permit issuance fell 5.7 percent in March to a rate of 1.039 million, led by the multifamily sector which dropped 15.9 percent, while single-family permits rose 2.1 percent. Only the Northeast saw a gain in permits, rising 39.8 percent. The South dropped 14.2 percent, the Midwest fell 4.4 percent, while the West lost 4.3 percent. ##
(Image credit: theatlanticcities–home planning)
