According to RISMedia Daily e-News, Nationwide housing starts rose 5.9% to 896,000 units in July. Newly released figures from HUD and the U.S. Census Bureau shows that multifamily construction rebounded from a dip in the previous month. Single-family construction had a modest decline from a rate that was upwardly revised for the previous month.
Single-family housing starts declined 2.2% in June to 591,000 units in July. There was a 26% gain in the multifamily units 305,000 to offset a dip in the previous month.
Regionally, combined housing starts activity posted gains of 40.2% in the Northeast, 25.4% in the Midwest, and 7.2% in the West in July, while the South posted a 7% decline.
Issuance of building permits rose 2.7% to an rate of 943,000 units in July. Single-family permits dipped 1.9% to 613,000 units, while multifamily permits gained 12.6% to 330,000 units.
Regionally, combined permit issuance increased across the board in July, with gains of 1%, 2.8%, 1.1%,and 7.1% in the Northeast, Midwest, South and West, respectively.
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