Housing starts are at 1.04 million, up 7% from this February and up 47% from this time last year.
This number is achieved highly due to the recent surge in building apartments and condominiums. These multi-family units alone jumped 82% as compared to last year. Each unit within these types of complexes is counted in the statistics so they can be extremely volatile. When looking at a more stable number, single family units, the percentages have actually fallen by 6% since February.
But, there is a strong demand for the multi-family and rental type living environments that does not seem to be waning anytime soon. Young workers moving out of their parents’ houses, a little older workers who stuck around with their parents through the recession, and even seasoned workers who gravitated towards living together are all beginning to move out and find places of their own. In addition to the workforce contributing to the demand, many home owners how lost their home to banks are wary of buying again and are choosing to downsize into a lower risk situation.
With the great benchmark of hitting the 1 million-point and beyond comes details everyone should keep their eyes on: the demand, as mentioned above, is very dependent on the trends of society, raw material costs are on the rise, and there is an increasing shortage of construction workers.