Single-Fam Construction Tanking While Multi-Fam Stays Strong; Record Number “Under Construction”

Single-Fam Construction Tanking While Multi-Fam Stays Strong; Record Number “Under Construction”

There were modest pullbacks in both the seasonally adjusted annual numbers of permits and housing starts in June. But it was only because of strong gains in the multifamily sector that construction figures, provided by the U.S. Census Bureau and Department of Housing and Urban Development, stayed even close to on track. Permits for residential construction ticked down 0.6 percent from their May level to an annual rate of 1.685 million units as permits for single-family houses fell 8.0 percent to 967,000 units. Multi-family permits grew by 13.1 percent. On a year-over-year basis, total permits were up 1.4 percent while those for single-family residences were down 11.4 percent. Multifamily construction authorizations jumped 27.8 percent on an annual basis. Analysts polled by Econoday