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Feds: Multifamily Production Drops 38%

Monday, October 24, 2016

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Multifamily construction dropped sharply in September, bringing nationwide housing starts down 9 percent to an annual rate of 1.05 million units, according to new federal data.

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© iStock.com / Jsheets19

Builders broke ground on fewer apartment buildings in September, federal data shows.

"After strong readings during the summer, multifamily production pulled back in September," said National Association of Home Builders Chief Economist Robert Dietz in an analysis on the new figures. "Still, we expect the multifamily sector to post a good year in 2016, though down a bit from last year, which was likely the peak year for this cycle."

In September, multifamily production declined 38 percent from the previous month to a seasonally adjusted annual rate of 264,000 units. However, single-family starts rose 8.1 percent in September to 783,000 units, its highest rate since February.

Experts say single-family construction is maintaining a steady climb, while multifamily remains volatile.

Permits, a sign of future growth, climbed 6.3 percent to reach a 1.23 million annualized rate, beating economist estimates of 1.17 million. The Northeast and West were the regions posting the biggest increases in permits, with 23.6 percent and 15.8 percent, respectively.

   

Tagged categories: Economy; Government; Market trends; Multifamily; National Association of Home Builders (NAHB); Residential Construction

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