Housing Startups See Jump Over Last Year
On July 20, 2015, In Industry News by Greg Thompson
As reported in Immortal News and elsewhere, housing starts rose last month—a 26.6% jump over the same period last year. Permits rose by 30%.
According to reporter Victor Johnson (Immortal), both metrics amounted to eight-year highs, The NY Daily News placed apartment construction at its highest rate since November of 2007.
“New construction in May, which was previously reported at 1.04 million, saw an upward revision to a rate of 1.07 million-units and housing starts, which rose nearly 10%, reached an adjusted annual rate of 1.17 million units,” wrote Johnson. “Forbes noted in a report that Friday’s groundbreaking numbers fell within the range of expectations of economists surveyed by Bloomberg ahead of the official release.
“While Selma Hepp, chief economist for real estate website Trulia, has warned that Friday’s encouraging numbers are almost entirely the result of new multi-family buildings,” continued Johnson, “she also told NY Daily News that ‘the tide has certainly turned in favor of optimism’ in regards to demand for housing, which she attributed to the formation of households and job increases.”
