Apr
01

National Housing Production Continues Upward Trend, Midwest Sees Most Growth

April 01, 2013

Chicago housing market growthRecently-released HUD and U.S. Census Bureau figures show that nationwide housing production increased .8 percent to 917, 000 units in February; demonstrating gains in both the single-family and multifamily sectors, with single-family housing starts growing at their fastest pace since June 2008.

The spring buying season is underway and demand for new homes and apartments is rising, albeit slightly, due to constraining issues with appraisals, credit availability (for builders and buyers) and increased labor and material costs. Despite these constraints, overall housing production is slowly continuing on the upward trend we saw through 2012.

Here are a few of the stats from the National Association of Home Builders release:

  • Single-family housing starts gained by 0.5 percent to a seasonally adjusted annual rate of 618,000 units in February.
  • Multifamily housing starts rose by 1.4 percent to 299,000 units.
  • The Midwest saw the most growth; combined single-family and multifamily housing production rose by 37.5 percent in the Midwest and 18.4 percent in the Northeast
  • Combined single-family and multifamily housing production decreased 5.7 percent in the South and 7.2 percent in the West.
  • Overall permit issuance rose 4.6 percent to 946,000 units in February; 2.7 percent (or 600,000 units on the single-family side) and 8.1 percent (346,000 units) on the multifamily side, the fastest pace since June 2008.
  • Permitting increased in the Midwest, South and West, with increases of 1.4 percent, 9.9 percent and 6.4 percent, respectively, in permitting activity for February. The Northeast saw an 18.2 percent decline in permitting activity.

 

Categories: Economy, Economy AOI

About The Author

Amanda Winters

Read All Stories By Amanda Winters

Amanda Winters joined the mRELEVANCE team in 2007 as an account manager focusing on real estate clients. With extensive experience in the homebuilding industry, having served as the communications representative at a nonprofit that builds housing for the homeless, she is a perfect fit for the team.

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