US housing starts surge on rebound in multi-family construction

Michael Sasso / Bloomberg07-17

Housing starts in the US surged in June after a sharp drop a month earlier, driven by a rebound in apartment construction. (July 17): Housing starts in the US surged in June after a sharp drop a month...

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That topped all estimates in a Bloomberg survey of economists. \nBuilders increased multi-family starts by more than 76% to an annual rate of 532,000, following a nearly 40% plunge month earlier. Single-family starts, however, declined 0.2%, slipping again after a generally slow spring season for builders.\nThe rebound in multi-family construction underscores the volatile nature of monthly housing numbers, especially among apartments. Still, high prices and mortgage rates - factors that have been weighing on demand for single-family homes - could also be supporting apartment demand.\n\nSingle-family homebuilders, meanwhile, have generally been confronting elevated inventory and weak demand. That's forced many to use to sales incentives to attract buyers. \nLooking ahead to future construction, overall building permits decreased 3% to the lowest since March. Permits for one-family homes dropped to a 10-month low, and multifamily applications also declined. \nThe recently passed 21st Century Road to Housing Act could help builders in the long term, especially developers of build-to-rent communities and makers of factory-built housing, Bloomberg Intelligence analyst Drew Reading said in a note this week. However, it isn't expected to improve things much in the near term, he said.\n\"May's data had been dented by a stall in these larger projects. We anticipated it would prove temporary as builders increasingly focus on bringing smaller, more affordable units to market - but the speed of the recovery far exceeded our expectations,\" says Stuart Paul of Bloomberg Economics.\nPrior to the report, the Federal Reserve Bank of Atlanta's GDPNow forecast showed residential investment making only a marginal contribution to second-quarter gross domestic product. \nHousing starts rose across the US. In the South, the nation's biggest homebuilding region, they increased 15.2%, driven by multi-family construction. Building in the Midwest reached the highest since 2024.\nThe new residential construction data are volatile, and the government report showed 90% confidence that the monthly change ranged from a 3.1% gain to a 34.9% jump.\nUploaded by Felyx Teoh","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2652236150","isCrawlerRequest":true}