U.S. housing starts rise nationwide

New York /
Feb.February 16, 2012 04:30 PM

After falling by in December, housing starts increased in January and nearly returned to November’s high on a seasonally-adjusted annual basis, according to data released today by the U.S. Census Bureau and the Department of Housing and Urban Development.

Overall, housing starts rose 1.5 percent in January from the previous month and stood 9.9 percent above the level recorded in the first month of 2011. The seasonally adjusted annual rate of 699,000 homes is still far below the 1.2 million new units that analysts say signal a healthy housing market.

Much of the increase can be attributed to structures with at least five units, which rose 14.4 percent. Single-family housing starts fell 1 percent from December but remain 16.2 percent higher than last January, which was previously a source of optimism for home builders.

“The fact that the three-month moving average for housing starts has now increased for nine consecutive months and is approaching the 700,000 mark for the first time since October of 2008 is indicative of a solid recovery in housing activity,” said National Association of Home Builders chief economist David Crowe. “That said, housing production is still far from what would be considered normal in a healthy market.”— Adam Fusfeld


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
M&T CFO Darren King (The Org and iStock)
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Tamir Shemesh (Getty Images, iStock)
Top broker Tamir Shemesh out at Douglas Elliman
Top broker Tamir Shemesh out at Douglas Elliman
Goldman Sachs CEO David Solomon and National Affordable Housing Trust CEO Lori Little (Getty, National Affordable Housing Trust, iStock)
Goldman Sachs to launch fund supporting Black affordable developers
Goldman Sachs to launch fund supporting Black affordable developers
(iStock/Illustration by Kevin Rebong for The Real Deal)
Existing home sales hit 15-year high in 2021
Existing home sales hit 15-year high in 2021
From left: Steven Roth, chief executive officer, Vornado Realty Trust; Kathy Hochul, governor of New York; Stephen Ross, chairman and founder, The Related Companies (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Real estate showers Hochul with cash
Real estate showers Hochul with cash
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...