Single-family homes led US housing starts in February

New apartment buildings nationwide and in NYC have dragged

New York /
Mar.March 17, 2017 11:05 AM
 

U.S. housing starts are on the upswing, despite a lackluster showing from apartment buildings.

February’s permits for single-family homes were the highest in a decade, according to a report from the U.S. Department of Commerce. Overall, housing starts climbed to a four-month high last month, Bloomberg reported.

Nationwide, residential housing starts inched 3 percent higher to 1.29 million. Construction of single-family homes rose 6.5 percent to 872,000, the highest level since October 2007. Applications to build one-family homes also rose to 832,000, the strongest since September 2007.

But overall, construction permits dropped 6.2 percent to 1.21 million thanks to a steep 21.6 percent drop in permits for multi-family construction. Actual construction on apartment buildings, including townhouses, fell 3.7 percent in February to 416,000.

In New York City, the number of approved residential construction permits — and new permit applications — fell last year, according to The Real Deal‘s own analysis. Citywide, the city’s Department of Buildings approved 15,697 new units last year, a 70 percent drop from 2015. Permits also dropped in every borough, most notably in Brooklyn, where developers filed permits for 23,393 new units in 2015, a number that dropped to just 4,535 last year.

So far in 2017, the number of approved permits is showing gains.  [Bloomberg]E.B. Solomont


Related Articles

arrow_forward_ios
(Illustration by The Real Deal)
Americans bought 5.6M homes last year — the most since the bubble
Americans bought 5.6M homes last year — the most since the bubble
Randy Mastro and 21 East 83rd Street (Photos via Getty; Google Maps)
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
Former deputy mayor Randy Mastro, lawyer in Lucerne controversy, lists UES home
(Illustration by The Real Deal)
How builders are changing America’s suburbs to fit the times
How builders are changing America’s suburbs to fit the times
The median existing-home price exceeded $300,000 for the first time last year (iStock)
Vicious cycle creates “huge supply crunch,” pushing home prices up
Vicious cycle creates “huge supply crunch,” pushing home prices up
(iStock)
Want a home in Greenwich? Data says you’d better hurry
Want a home in Greenwich? Data says you’d better hurry
Overall, the number of housing units that started construction last year was up 7 percent from 2019. (iStock)
Residential construction had busiest year since 2006: MBA
Residential construction had busiest year since 2006: MBA
Common Projects sneaker designer Peter Poopat bought the home in December. (Getty, Brown Harris Stevens)
$6.5M Fort Greene townhouse sale breaks neighborhood record
$6.5M Fort Greene townhouse sale breaks neighborhood record
(iStock)
Homebuilder sentiment falls for second month in a row
Homebuilder sentiment falls for second month in a row
arrow_forward_ios

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

Loading...