Sources: National Association of Home Builders, Washington, D.C.; CP staff
Job growth, rising consumer confidence, higher household formations and pent-up demand are helping to bring prospective home buyers back into the market. “A number of positive indicators provide solid evidence this will be a good year for housing and the economy,” affirmed NAHB Chief Economist David Crowe in Las Vegas, site of the 2016 International Builders’ Show.
Read MoreSource: National Association of Home Builders, Washington, D.C.
Led by a strong jump in single-family production, nationwide housing starts inched up 0.2 percent to a seasonally adjusted annual rate of 1.206 million units in July, according to U.S. Department of Housing and Urban Development and Commerce Department data. Single-family starts rose 12.8 percent to a seasonally adjusted annual rate of 782,000 units after an upwardly revised June reading, while multifamily work fell 17 percent to 424,000 units.
Read MorePortland Cement Association Chief Economist Ed Sullivan reported at the 2015 International Builders’ Show last month that housing starts will increase 20 percent this year—to 1.2 million units, up from roughly 950,000 units in 2014. The multifamily sector should see a 12 percent jump from last year’s levels, good for 400,000 unit starts. Apartment and condominium building will exhibit continued strength over the next five years, he added, as demographic trends reshape entry and exit patterns of the single-family unit market.
Source: Portland Cement Association, Skokie, Ill.
Housing starts will increase 20 percent to 1.2 million units this year, from roughly 950,000 units in 2014, PCA Chief Economist Ed Sullivan told a gathering at the 2015 International Builders’ Show, January 20-22 in Las Vegas.
Read MoreSource: National Association of Home Builders, Washington, D.C.
Nationwide housing starts surpassed one million in September, the third time this year, according to U.S. Department of Housing and Urban Development and Census Bureau figures. Total housing production during the month rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million units.
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