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Housing Starts Hit High Mark05-29-15 | News

Housing Starts Hit High Mark

With single-family housing starts at a seasonally adjusted annual rate of 733,000 and multifamily starts at a rate of 402,000, April's housing production was the highest in 88 months.

April saw a 20.2 percent rise in housing starts to a seasonally adjusted rate of 1.135 million units, the highest level in the post-recession period.

Led by a 27.2 percent increase in multifamily starts while single family starts increased 16.7 percent, the latest totals posted by the U.S. Commerce Department are the most since November 2007.

The combined totals grew a whopping 85.9 percent in the Northeast, followed by the West at 39 percent and the Midwest at 27.8 percent. The South registered a 1.8 percent loss.

There was also a double-digit increase, 10.1 percent, in the number of permits issued in April with multi-family's 20.5 percent gain far outpacing single-family's 3.7 percent rise.