Housing Recession or Big Shift to Multi-Family? Maybe Some of Both…
Residential construction numbers fell again in July, giving credence to Monday’s National Association of Home Builders’ (NAHB’s) report detailing a near ten-year low in builder enthusiasm about the new home market. The U.S. Census Bureau and Department of Housing and Urban Development said both the rate of permitting and construction starts fell from their June levels.
Permits for residential construction were down 1.3 percent compared to the previous month at a seasonally adjusted annual rate of 1.674 million units. The June estimate was upgraded from 1.685 million to 1.696 million units. Permitted was 1.1 percent higher than in July 2021.
Single family permits came in below the 1-million-unit rate for the second straight month at 928,000 annual units, 4.3 percent lower than in J
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