The National Association of Home Builders (NAHB) said yesterday that housing starts across the nation were up in June by 4.8% to a seasonally adjusted annual rate of 1.19 million units. Permits issued to builders had risen 1.5% to a seasonally adjusted annual rate of 1.15 million.
New construction starts of single-family housing increased 4.4% to a seasonally adjusted annual rate of 778,000 units in June, and multifamily starts were up 5.4% to 411,000 units.
The areas of the country that saw the biggest gains for both single family and multifamily housing starts were the Northeast and West, with modest gains of 46.3% and 17.4%. The Midwest was down 5.2% and the South dropped 3.4%. However, single-family housing starts were up in all four regions.
The NAHB Chairman, Ed Brady has said this about the June report, “This month’s uptick in production is an indicator that the housing market continues to move forward. At the same time, builders are adding inventory at a cautious pace as they face lot shortages and regulatory hurdles.”
“The June report is consistent with our forecast for a gradual but consistent recovery of the housing market,” said NAHB Chief Economist, Robert Dietz. “Single-family production should continue to strengthen throughout the year, buoyed by job growth, new household formations and low mortgage interest rates.”