Multi-Family Housing Starts Jump 39.6%

The U.S. Census Bureau said privately-owned housing starts in April were at a seasonally adjusted annual rate of 1,072,000, 13.2% above the revised March estimate of 947,000 and 26.4% above the April 2013 rate of 848,000. Single-family housing starts in April were at a rate of 649,000, 0.8% above the revised March figure of 644,000. The April rate for units in buildings with five units or more was 413,000.

The National Association of Home Builders (NAHB), Washington, D.C., said it was the soaring production of multi-family apartments that pushed nationwide housing starts back above the million-unit mark. Multi-family housing enjoyed a 39.6% increase in April.

“The growth in multi-family production is a very positive development as it shows an expected increase in household formations from young people renting apartments and taking the first step into the housing market,” said NAHB Chief Economist David Crowe. “These young households will form the demand for ownership in the future.”