Single-Family Housing Moves Up 1 Percent in JulyAugust 27th, 2012 by DWM Magazine
Residential building in July slipped 6 percent to $154.0 billion (annual rate), according to McGraw-Hill Construction, due to a 25-percent pullback for multifamily housing, following strengthening activity in May (up 32 percent) and June (up 7 percent). The July pace for multifamily housing, while down 6 percent from the first six months of 2012, was still 10 percent above the average pace for this project type during 2011, according to the announcement.
Single-family housing in July edged up 1 percent. The July pace for single-family housing was up 6 percent from the first six months of 2012, and up 27 percent from the average pace for this project type during 2011, according to the announcement. Overall, residential building climbed 25 percent year-to-date, with similar gains for single-family housing, up 24 percent and multifamily housing, up 26 percent.
“The construction industry is still struggling to gain upward traction, as construction starts continue to exhibit an up-and-down pattern,” says Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction. “The upward potential for housing in the near term is also being dampened by the persistently hesitant U.S. economy. Overall, the construction industry remains stuck for now in an extended process of turning the corner.”