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Single and Multifamily Housing Starts Spike

July 19th, 2011 Comments off

The National Association of Home Builders (NAHB) says figures released by the U.S. Commerce Department show housing starts for single and multifamily homes increased in June 14.6 percent to a seasonally-adjusted rate of 629,000. Bob Nielsen, chairman of NAHB, called it an encouraging sign, but also noted that lack of construction credit continues to stymy new projects. Single-housing starts were up 9.4 percent, and multifamily starts gained 30.4 percent, the best rate since January. All regions of the country showed improvement. Building permits, considered a measure for the future, increased by 2.5 percent. Multifamily building permits alone jumped 6.9 percent, their highest rate since October 2008.

(image courtesy NAHB)