The jump in multifamily housing starts for April of 39.6 percent is the fastest pace for this housing sector since Jan. 2006, and helped propel total housing starts to 1.07 million units, a 13.2 percent increase over March, according to figures released by the Department of Housing and Urban Development (HUD) and the Census Bureau. MHProNews.com understands single-family starts rose only +.08 percent to a seasonally adjusted rate of 649,000 units, according to the National Association of Home Builders (NAHB). “The growth in multifamily production is a very positive development as it shows an expected increase in household formations from young people renting apartments and taking the first step into the housing market,” said NAHB Chief Economist David Crowe. “These young households will form the demand for ownership in the future.”
All four regions showed gains in single-family and multifamily for April: The Midwest posted a 42.1 percent increase; the Northeast registered a gain of 28.7 percent; the West reported an 11.1 percent increase, and the South nudged up 1.5 percent. Building permit applications rose eight percent, due almost totally to a 21.8 percent gain on the multifamily side, and a marginal increase on the single-family side of 0.8 percent. ##
