Steel Markets
May 17, 2014
Multi-family Housing Starts & Permits Soar in April
Written by Sandy Williams
Residential building permit authorizations and housing starts surged in April after a weak showing during the winter months. Housing starts in April increased 13.2 percent from March to a seasonally adjusted annual rate of 1,072,000 and jumped 26.4 percent from the April 2013 rate, according to data released by the Department of Housing and Urban Development and the U.S. Census Bureau. Single-family starts increased just 0.8 percent but multi-family starts soared 39.6 percent, the fastest pace since 2006.
“The growth in multifamily production is a very positive development as it shows an expected increase in household formations from young people renting apartments and taking the first step into the housing market,” said Chief Economist David Crowe at the National Association of Home Builders (NAHB). “These young households will form the demand for ownership in the future.”
