Data from U.S. Commerce Department shows surprising increase in single-family starts for February

2023-03-17T13:47:00-04:00

New data from the U.S. Commerce Department indicates a rebound in the single-family housing starts for February in what could be a sliver of hope for the market still reeling from historically high-interest rates.

According to Reuters, the data shows a positive (7.6%) increase in single-family starts following eleven straight months of declines.

The increases were led by a 1.1% rise in starts from January to February, with upticks recorded in both the Northeast and West to offset declines recorded in the South and Midwest.

Overall, however, starts on single-family homes were down 31.6% when compared on a year-to-year basis. Multi-family housing starts also rose 9.8% to a rate of 1.45 million nationwide.

The data bucks the forecast provided in the recent Q4 AIA Home Design Trends Survey, which predicted a slowdown for the year despite an increase in residential billings.

The trends may not stick, however, a...

Hurricanes Harvey and Irma weaken US homebuilding

2017-09-19T14:19:00-04:00

Homebuilding could slump further in September in the aftermath of Harvey and Hurricane Irma, which struck Florida. According to Census Bureau data, the areas in Texas and Florida that were devastated by the storms accounted for about 13 percent of permits issued in the nation last year.

Hurricanes Harvey and Irma have held down home completions in Texas and Florida, but the hurricane's aftermaths are also likely to slow homebuilding in the coming months as resources are redirected toward repairs and rebuilding efforts rather than new construction. Labor shortages are also likely to worsen and building materials are expected to become more expensive.

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Data from U.S. Commerce Department shows surprising increase in single-family starts for February

Hurricanes Harvey and Irma weaken US homebuilding