Currently Reading

New Construction Reaches Highest Level Since the Great Recession

Advertisement
New-Construction Projects

New Construction Reaches Highest Level Since the Great Recession

Multifamily starts are taking over new construction


November 18, 2021
New construction project
Image: Stock.acobe.com

Housing starts decreased in October but remained above year-over-year rates from October 2020 while building permits increased year-over-year as well as on a monthly basis, the NAHB’s Eye on Housing reports. Though new housing starts only rose 0.4% year-over-year for the month of October, building permits increased 3.4% in the same time frame.

Multifamily starts saw the largest year-over-year increase in October while single-family starts decreased 10.6% annually. Though housing starts have not yet reached record highs since the Great Recession, new construction is at its highest level since 2007 and multifamily starts are at their highest level since 1974.

Housing Starts:

Privately‐owned housing starts in October were at a seasonally adjusted annual rate of 1,520,000. This is 0.7 percent below the revised September estimate of 1,530,000, but is 0.4 percent above the October 2020 rate of 1,514,000. Single‐family housing starts in October were at a rate of 1,039,000; this is 3.9 percent below the revised September figure of 1,081,000. The October rate for units in buildings with five units or more was 470,000.

Building Permits:

Privately‐owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,650,000. This is 4.0 percent above the revised September rate of 1,586,000 and is 3.4 percent above the October 2020 rate of 1,595,000. Single‐family authorizations in October were at a rate of 1,069,000; this is 2.7 percent above the revised September figure of 1,041,000. Authorizations of units in buildings with five units or more were at a rate of 528,000 in October.

Read More

Related Stories

Housing Markets

Local Housing Markets Report Low Inventory in October

Housing inventory is reaching record lows—here’s what to expect in the months ahead

New-Construction Projects

Construction Loans Are Increasing With More Availability

Builders are finding improved conditions for construction credits as effective interest rates increase

 

New-Construction Projects

Homebuilder Confidence Surges From Increased Buyer Demand

Market demand is strong, but can builders tackle industry shortages to keep up?

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.