(Jeff Sorg, OnlineEd) – According to figures released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, nationwide housing starts have topped one million for the third time in 2014.
“These numbers show starts returning to levels we saw earlier this summer, where they hovered around one million units,” said National Association of Home Builders (NAHB) Chairman Kevin Kelly. “We are hopeful this pattern of modest growth will continue as we close out the year.”
“September’s uptick reveals that last month’s dip in production was more of an anomaly than a market reversal,” said NAHB Chief Economist David Crowe. “I expect we will see a continued recovery as job creation grows and consumers gain more confidence in the housing market.”
Single-family housing starts were up 1.1 percent to a seasonally adjusted annual rate of 646,000 units in August, while multifamily production climbed 16.7 percent to 371,000 units.
Combined housing starts increased in all regions of the country. The Northeast, Midwest, South and West posted respective gains of 5.3 percent, 3.5 percent, 4.2 percent and 13.9 percent.
Issuance of building permits registered a 1.5 percent gain to a seasonally adjusted annual rate of 1.018 million units in September. Multifamily permits rose 4.8 percent to 394,000 units while single-family permits decreased 0.5 percent to 624,000 units.
Regionally, the Northeast, Midwest and West registered overall permit increases of 12.3 percent, 8.2 percent and 5.9 percent, respectively. The South posted a 4.7 percent loss.
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This article was published on October 21, 2014. All information contained in this posting is deemed correct and current as of this date, but is not guaranteed by the author and may have been obtained by third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.