Latest News

Nov. 20, 2007 - Increase In Multifamily Construction Lifts Total Housing Starts In October

November 20, 2007
/ Print / Reprints /
ShareMore
/ Text Size+

A bounce-back in the volatile multifamily market lifted total housing starts 3 percent in October to a seasonally adjusted annual rate of 1.229 million units as the downswing in the single-family housing market continued, according to figures released by the Commerce Department today. Total starts were down 16.4 percent from a year earlier.

Single-family housing starts dropped 7.3 percent for the month to a seasonally adjusted annual rate of 884,000 units, the lowest monthly production rate since October 1991 and 25.1 percent below October 2006.

“The large October bounce-back in multifamily starts reflected typical month-to-month volatility, while the pattern of multifamily permits shows that this sector is gradually losing momentum,” said National Association of Home Builders Chief Economist David Seiders. “The large declines in single-family starts and permits clearly show that this component of the housing market still is weakening seriously.”

Multifamily housing starts rose 44.4 percent to a seasonally adjusted annual rate of 345,000 units in October after dropping 35.9 percent to a 239,000-unit pace the month before. The pace of multifamily construction was 19.4 percent above October 2006.

Total building permits were down 6.6 percent in October to a seasonally adjusted annual pace of 1.178 million units. Total permits were down 24.5 percent from a year earlier.

Single-family permit issuance was down 8 percent to a pace of 807,000 units for the month, the lowest pace since November 1991 and 31.0 percent below October 2006.

The rate of multifamily permit issuance was down 3.4 percent to 371,000 units for the month. The pace was 4.9 percent below a year earlier.

Regionally, starts of new homes and apartments were up in the Northeast, Midwest and West by 8.5 percent, 21.1 percent and 5.8 percent, respectively. Housing starts were down in the South by 4.6 percent.

Did you enjoy this article? Click here to subscribe to Supply House Times. Stay connected with us via social media.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

BNP Media's Plumbing Group Visits Grundfos North American Headquarters

BNP Media’s Plumbing Group, comprised of the Plumbing & Mechanical, Supply House Times, PM Engineer (pme) and Reeves Journal brands, recently visited Grundfos’ new North American headquarters building in the western Chicago suburb of Downers Grove, Ill.

8/26/14 1:00 pm EST

Free Webinar: Low Temperature Heat Emitter Options in Hydronic Systems

With proper design, you can create systems that require supply water temperatures no higher than 120° F under design load conditions.

Supply House Times

f

2014 December

The December issue of SHT featured Supply House Times on the Road: AD Chairman and CEO Bill Weisberg talks inspiration at annual meeting; Distributor roundtable: Smart bets; and much more!
Table Of Contents Subscribe

Where do you look for new employees?

Where do you look for new employees?
View Results Poll Archive

The Supply House Times Store

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

CS-OflRGBhomepage.jpgWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook Twitter Updated icon Youtube Updated icon    LinkedIn Updated icon  Google+

Premier 125

Premier 125 button

The information SUPPLY HOUSE TIMES uses to rank the Premier 125 is the most accurate we can gather. It is primarily based on responses to a questionnaire we send to the wholesalers in our database, supplemented with information obtained from industry reports and estimates.