Nationwide Housing Production Edges Up in FebruaryMarch 19th, 2013 by DWM Magazine
Nationwide housing production edged up 0.8 percent to a seasonally adjusted annual rate of 917,000 units in February, according to newly released figures from HUD and the U.S. Census Bureau. This slight upward movement represented gains in both the single-family and multifamily sectors, with single-family housing starts reaching their fastest pace since June of 2008.
“Demand for new homes and apartments is definitely rising as the spring buying season approaches and more young people move out on their own,” says Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “Builders are responding to this improved demand by putting more crews back to work and pulling more permits for future construction, though this positive activity is being constrained by continuing issues with appraisals and credit availability for both builders and buyers, and also by newly arising challenges such as lot shortages and increased costs for labor and materials.”
“Today’s report indicates that, despite some bumps in the road, overall housing production continues on the solid upward trend that we saw throughout 2012,” adds NAHB chief economist David Crowe. “Moreover, further gains in permit issuance are a positive sign that home construction will continue to drive economic and job growth in the coming months.”