Hurricane Florence devastation added to drop in home building: report

Residential starts nationwide dipped in September, partly a result of the storm

TRD NATIONAL /
Oct.October 17, 2018 12:15 PM

A home flooded by Hurricane Florence in North Carolina (Credit: Getty Images)

Housing starts across the United States dropped in September, largely due to a decline in the south after Hurricane Florence tore through the Carolinas.

Government figures show that residential home construction dropped 13.7 percent in the south, including North Carolina, where the devastating hurricane made landfall last month, according to Bloomberg.

The figures come as the damage toll is still being calculated, which includes up to $1.5 billion worth of securitized commercial mortgages. Thousands of homes were damaged or destroyed and more than 50 people killed after the Category 1 storm made landfall.

Across the country, residential starts fell 5.3 percent to 1.2 million last month.

Multifamily construction recorded the most significant drop, with a 15.2 percent decline nationwide.

Despite the decline in September construction, American homebuilders are feeling more confident, following a overall rise in consumer demand and drop in lumber prices, according to a recent report by the National Association of Homebuilders and Wells Fargo. [Bloomberg] — David Jeans 


Related Articles

arrow_forward_ios
(Illustration by Dave Murray)

The squeeze on resi brokerages is forcing consolidation, cooperation

Paul Capurso (Credit: Facebook)

NYC carpenters union elects new president following 2 resignations

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

arrow_forward_ios
Loading...