RealEstateJournal | Housing Starts Fell in August On Drop in Multifamily Units
Residential construction fell for a second straight month in August as construction of condominiums and apartments tumbled, suggesting that rising concerns about overbuilding in the condo market may have prompted developers to pull back.
The Commerce Department reported Tuesday that construction starts of new homes declined 1.3% last month to a seasonally adjusted annual rate of 2.009 million units. In July, starts were down 1.5% to 2.035 million. The government said the effect from Hurricane Katrina was minimal in August because it disrupted construction activity for only the last few days of the month.
The drop was attributed exclusively to declines in multifamily housing. Construction starts of single-family homes edged up 0.1% to 1.709 million. Starts of housing with two or more units dropped 8.5% to 300,000 units while construction of homes with five or more units fell 12% to 256,000 units.
RealEstateJournal | Housing Starts Fell in August On Drop in Multifamily Units
The Commerce Department reported Tuesday that construction starts of new homes declined 1.3% last month to a seasonally adjusted annual rate of 2.009 million units. In July, starts were down 1.5% to 2.035 million. The government said the effect from Hurricane Katrina was minimal in August because it disrupted construction activity for only the last few days of the month.
The drop was attributed exclusively to declines in multifamily housing. Construction starts of single-family homes edged up 0.1% to 1.709 million. Starts of housing with two or more units dropped 8.5% to 300,000 units while construction of homes with five or more units fell 12% to 256,000 units.
RealEstateJournal | Housing Starts Fell in August On Drop in Multifamily Units
posted by Patrick Leblanc at 7:06 PM
<< Home