Spurred by strong single-family and multifamily growth, housing starts for July rose 15.7 percent to a seasonally-adjusted annual rate (SAAR) of 1.093 million units, the highest rate since Nov. 2013, as reported by the U. S. Department of Housing and Urban Development (HUD) and the U. S. Census Bureau. According to the National Association of Home Builders (NAHB), multifamily production spiked 28.9 percent while single-family housing starts rose 8.3 percent. Regionally, combined housing starts rose in the Northeast 44 percent, in the South 29 percent, and in the West 18.6 percent. Production dropped in the Midwest 24.8 percent following an unusually high rate in June. Issuance of building permits grew 8.1 percent in July, as MHProNews has learned—multifamily permits rose 21.5 percent to 412,000 units while single-family grew 0.9 percent to 640,000 units. ##

(Photo credit: bloombergbusinessweek.com–multifamily home construction)