Industry News

Multifamily housing starts up 40% in June

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A 40 percent jump in multifamily housing construction starts from May to June helped residential building grow 4 percent for the month, to an annual rate of $283.4 billion, according to McGraw-Hill Construction Research & Analytics. The dollar volume of single-family housing construction was down 3 percent in June, and has slipped 26 percent in the first half of 2007.  "It's still unclear whether single-family housing is close to reaching bottom, and with inventories of unsold homes at high levels and mortgage rates rising, a sustained upturn for single-family housing is not expected any time soon," said Robert Murray, vice president of economic affairs for McGraw-Hill Construction. Residential building, both single-family and multifamily, is down 26 percent for the first six months of the year, to $141.6 million (an unadjusted annual rate of $283.2 billion).  Single-family housing starts during the first half of the year were down 14 percent in the South Central regio...