Housing starts fall nationwide, hindered by lagging multi-family construction

TRD MIAMI /
Sep.September 20, 2011 12:59 PM

Nationwide housing starts dropped by 5 percent in August to 571,000 units from a month previous, according to figures released today by the U.S. Commerce Department. The decline was primarily related to multi-family properties, the report notes, with single-family housing production declining by only 1.4 percent.

“At this point, most builders are only looking to replenish their depleted inventories of new homes for sale, but otherwise holding off on new projects,” said Bob Nielsen, chairman of the National Association of Home Builders. “While we would like to get more crews back on the job, we need to see solid improvement in consumer demand, greater access to credit for both builders and buyers, and a reduction in the number of foreclosed properties on the market before we can ramp up new production.”

Single-family housing starts dropped to 417,000 units in August from a month previous, while more volatile multi-family production declined 13.5 percent to a 154,000-unit rate. Overall, the Midwest and West posted month-over-month gains of 2.6 percent and 2.2 percent, respectively, and the Northeast and South reported declines of 29.1 percent and 3.3 percent, respectively.

“Today’s numbers are completely consistent with NAHB’s forecast for the quarter, and are in keeping with the anemic economic and job growth we are seeing across most of the country,” said Robert Denk, a senior economist for the NAHB. — Katherine Clarke


Related Articles

arrow_forward_ios
Rendering of Belmont Village Coral Gables and Baptist Health South Florida CEO Brian L. Keeley

Baptist, Belmont gain approval for luxury senior living in Coral Gables

Baptist, Belmont gain approval for luxury senior living in Coral Gables
9885 Palomino Drive (Credit: Google Maps)

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project

Resort Lifestyle Communities scores $36M construction loan for Lake Worth senior housing project
5010 Nob Hill Road (Credit: Google Maps)

Sunrise affordable senior housing facility sells for $30M

Sunrise affordable senior housing facility sells for $30M
Mark Zilbert

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices

Let’s make a deal? Some resi sellers in Miami-Dade slash asking prices
(Credit: iStock)

Home sales dropped big time in South Florida in April

Home sales dropped big time in South Florida in April
 Rendering of Father Marquess-Barry Apartments with Matt Rieger

HTG scores financing for senior affordable housing in Overtown

HTG scores financing for senior affordable housing in Overtown
Renderings of different versions of the project with Matt Rieger

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown

HTG plans 1,000-unit affordable housing complex in Miami’s Overtown
Pharrell Williams (Credit: Ethan Miller/Getty Images)

South Florida by the numbers: Bright spots in a challenging market

South Florida by the numbers: Bright spots in a challenging 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...