Building permits for U.S. single-family homes hit 5-year high

New York /
Jun.June 18, 2013 11:00 AM

Applications to build single-family homes reached a five-year high nationally last month, according to Department of Commerce data cited by Bloomberg News.

The number of applications to build single-family homes rose 1.3 percent to a 622,000 per month annualized rate, the most dramatic month-over-month rise since May 2008. Construction starts on U.S. homes also saw an increase of 6.8 percent to an annual rate of 914,000, the Commerce Department announced.

Economists’ estimates for starts for the year were not far off. In a Bloomberg survey, projections ranged from an 875,000 annual pace to a 1.02 million rate. Work on multifamily projects such as apartment buildings increased 21.6 percent to an annualized rate of 315,000, the report said.

The average rate on a 30-year fixed loan jumped to a 14-month high of almost 4 percent last week, from a four-month low of 3.35 percent in early May. Neil Dutta of New York-based Renaissance Macro Research attributed rising mortgage rates to heightened consumer demand for loans, the publication said. [Bloomberg News]Mark Maurer


Related Articles

arrow_forward_ios
Construction starts picked up in 2017, thanks to large institutional and public works projects
Construction starts picked up in 2017, thanks to large institutional and public works projects
Construction starts picked up in 2017, thanks to large institutional and public works projects
Build, baby, build: Bronx construction starts again expected to surpass $2B
Build, baby, build: Bronx construction starts again expected to surpass $2B
Build, baby, build: Bronx construction starts again expected to surpass $2B
Nonresidential construction starts up significantly thanks to Javits Center, Moynihan Hall projects
Nonresidential construction starts up significantly thanks to Javits Center, Moynihan Hall projects
Nonresidential construction starts up significantly thanks to Javits Center, Moynihan Hall projects
Office boom times: Volume of new space in Manhattan inches close to three-decade high
Office boom times: Volume of new space in Manhattan inches close to three-decade high
Office boom times: Volume of new space in Manhattan inches close to three-decade high
Construction starts plummeted in the first half of 2017
Construction starts plummeted in the first half of 2017
Construction starts plummeted in the first half of 2017
Placeholder image
Low mortgage rates and a rising labor market boost US home builders’ confidence
Low mortgage rates and a rising labor market boost US home builders’ confidence
Institutional construction hits $2.9B in first half of 2015
Institutional construction hits $2.9B in first half of 2015
Institutional construction hits $2.9B in first half of 2015
From left: Richard Anderson of the NYC Building Congress and 730 Concourse Village West in the Bronx
NYC institutions spent $14.8B on construction in last five years
NYC institutions spent $14.8B on construction in last five years
arrow_forward_ios

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

Loading...