Tuesday , June 18 2024
Warehouse Deal Approved As Property Values Drop.001
Warehouse Deal Approved As Property Values Drop.001

Drop in housing starts is downplayed

U.S. housing starts dropped 1.6 percent in November, but don’t panic: the nation’s housing market is still in recovery mode.

Slightly more than one million housing projects began construction nationwide, as the single-family and multi-family markets effectively offset each other, according to data released recently by the U.S. Department of Housing and Urban Development and the U.S Census Bureau.

Single-family starts dropped 5.4 percent last month, while multi-family starts rose 6.7 percent during that time. Also, the three-month averages for total and single-family production were at their highest levels since the recession began.

Housing construction has increased steadily during 2015, said Kevin Kelly, chairman of the Washington. D.C.-based National Association of Home Builders.

“These numbers are in line with our latest surveys, which show that single-family builders are confident that the market is gradually recovering,” Kelly said in a statement released Tuesday.

The association is predicting increased housing production next year.

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