New Housing Starts Jump
- Published: Tuesday, 08 March 2011 10:58
“Considering the abnormally poor weather conditions that prevailed across most of the country in January, along with the continuing difficulty that builders are having in obtaining financing for new construction, the fact that single-family starts held virtually unchanged while multifamily starts posted solid gains is encouraging,” said Bob Nielsen, NAHB chairman and a home builder from Reno, Nev. “Any gain in housing production means more people are being put back to work, and is a sign that builders are preparing for improving demand for new homes in the spring.”
Permit issuance, which can be an indicator of future building activity, declined 10.4 percent to a seasonally adjusted annual rate of 562,000 units in January. This decline, however, comes on the heels of an unusually large gain in December that was precipitated by building code changes going into effect at the beginning of the new year.