Single-family homes led US housing starts in February

New apartment buildings nationwide and in NYC have dragged

TRD 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
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
Metro areas with less affordable housing drive high-income buyers to eye homes in lower-income neighborhoods at disproportionate rates (iStock)

TRD Insights: Gentrification happening fastest in least affordable cities

TRD Insights: Gentrification happening fastest in least affordable cities
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
Dan GIlbert (Getty, iStock)

Mortgage mogul Dan Gilbert sees net worth quicken to $34B

Mortgage mogul Dan Gilbert sees net worth quicken to $34B
The rate on the 30-year mortgage fell to 2.88 percent, the lowest rate in 50 years (iStock)

30-year mortgage rate hits record low — again

30-year mortgage rate hits record low — again
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
The weekly survey tracking purchase loans saw a seasonally adjusted decline of 2 percent in the final week of July. (iStock)

Home loan applications fall again amid tight credit rules, weak job market

Home loan applications fall again amid tight credit rules, weak job market
arrow_forward_ios

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

Loading...