Multi-Family Housing Continues Surge
U.S. single-family housing starts in April dipped 7.3% from March to a seasonally adjusted rate of 1.1 million, but multi-family starts (five units or more) shot up 16.8% over March to 612,000, according to the U.S. Census Bureau and U.S. Dept. of Housing and Urban Development monthly new residential construction report.
Multi-family was up a whopping 42% from April 2021, registering its third consecutive monthly increase, while single-family has recorded two consecutive months of decline.
The combined housing starts in April were 1.724 million, down 0.2% from March, but up 14.6% over April 2021.
U.S. single- and multi-family housing starts were 1.601 million in 2021, following 1.380 million in 2020.
Housing building permits were at a seasonally adjusted rate of 1.819 million in April, which was 3.2% below March. Single-family permits were 1.11 million, down 4.6%, while multi-family was 656,000, down less than a percent from March.
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