Single and Multifamily Housing Starts Swell in November

After seeing a slight dip in the production of single-family and multifamily housing in October, the production of new homes accelerated in November due to strong demand for new construction. According to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, overall housing starts increased 11.8% to a seasonally adjusted annual rate of 1.68 million units.

The November reading of 1.68 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts increased 11.3% to a 1.17 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 12.9% to an annualized 506,000 pace.

“Mirroring gains in the HMI reading of builder sentiment, single-family housing starts accelerated near the end of 2021 and are up 15.2% year-to-date as demand for new construction remains strong due to a lean inventory of resale housing,” says Chuck Fowke, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Tampa, Fla. “Policymakers need to help alleviate ongoing building material supply chain bottlenecks that are preventing builders from keeping up with buyer demand.”

On a regional and year-to-date basis (January through November of 2021 compared to that same time frame a year ago), combined single-family and multifamily starts are 24.4% higher in the Northeast, 9.6% higher in the Midwest, 15.4% higher in the South and 19.4% higher in the West.

Overall permits increased 3.6% to a 1.71 million unit annualized rate in November. Single-family permits increased 2.7% to a 1.10 million unit rate. Multifamily permits increased 5.2% to an annualized 609,000 pace. Looking at regional permit data on a year-to-date basis, permits are 13.6% higher in the Northeast, 16.3% higher in the Midwest, 19.3% higher in the South and 22.4% higher in the West.

“Breaking an eight-year trend, in recent months there have been more single-family homes under construction than multifamily units,” says Robert Dietz, chief economist, NAHB. “Moreover, despite some cooling earlier this year, the continued strength of single-family construction in 2021 means there are now 28% more single-family homes under construction than a year ago. These gains mean single-family completions will increase in 2022, bringing more inventory to market despite a 19% year-over-year rise in construction material costs and longer construction times.”

This article first appeared on SSI sister site CEPro.com.

The post Single and Multifamily Housing Starts Swell in November appeared first on Security Sales & Integration.



from News – Security Sales & Integration https://www.securitysales.com/business/single-multifamily-housing-starts-november/
via IFTTT

Comments

Post a Comment

Popular posts from this blog

Total Tech Summit Puts Call Out for Top Integrators to Apply Now

Image
FRAMINGHAM, Mass. — Total Tech Summit announces that applications are now being accepted to attend this year’s event. Comprised of the  SSI Summit, CE Pro Summit and Commercial Integrator Summit, this year’s event will take place in Las Vegas at the MGM Grand Hotel and Casino, Nov. 13-15. At this all-expense-paid, exclusive event, VIP guests will have the chance to sit in on industry-defining sessions, key boardroom presentations, and be able to meet one-on-one with potential vendors. Total Tech Summit brings together the best in class to share ideas, learn from others, and most importantly, accelerating the next stage of their businesses. It is the only event of its kind that bridges channels and connections by bringing together professional security, commercial AV and residential AV integrators. Another perk of the Total Tech Summit is the VIP Peer-to-Peer groups. These group conversations take place throughout the months leading up to the event and are guided by the edi...
Read more

Minnesota AG Calls for Cancellation of Home Security Contracts for Alleged Fraud

STEARNS COUNTY, Minn. — Bring Me the News reports that Minnesota’s Attorney General, Keith Ellison, says he’s gotten consumers in Stearns County out of home security contracts after they were misled by a door-to-door salesman. According to the report, Ellison’s office announced that home security companies Skyline Security Management and Safe Home Security have agreed to their cancel contracts with customers in and around Stearns County who purchased their systems from door-to-door salesman Gary Harvey. “Door-to-door salesmen and their employers are in the business of trust-building,” Ellison said in a statement. “They know they need to have your trust to sell you their products, particularly expensive products like security systems that are supposed to keep your home safe. When that trust is betrayed, it’s emotionally and financially painful. I appreciate Skyline and Safe Home taking the right step in canceling these contracts while my office does what we can under the law to ho...
Read more

Evolv Technology, Pittsburgh Pirates Team Up for Fan-Friendly Ballpark Security

Image
WALTHAM, Mass.—Evolv Technology has announced its partnership with Major League Baseball’s Pittsburgh Pirates, adding to the growing list of Pittsburgh, Pa. venues that have teamed up with Evolv to help keep people safe, including the Pittsburgh Cultural Trust and Acrisure Stadium, home of the Pittsburgh Steelers. When the Pirates opened the gates at PNC Park for the 2023 MLB season in early April, all attending fans passed through Evolv’s state-of-the-art Evolv Express screening solution, which uses sensor technology with artificial intelligence (AI) to provide safer, more accurate threat detection at unprecedented volume and speed, the company states. Fans can now walk through without always having to stop or open bags, reducing long lines and allowing guests to make their way directly into the ballpark. “What continues to make PNC Park so special, aside from the physical design, is the total fan experience. That begins from the moment they walk up to our gates,” said Travis Willi...
Read more