Housing Starts Increase in June but Supply-Side Issues Linger
Overall housing starts increased 6.3 percent in June to a seasonally adjusted annual rate of 1.64 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Despite the increase in housing production, there is concern over weakening permit numbers for both the single-family and multifamily markets.
The June reading of 1.64 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 6.3 percent to a 1.16 million seasonally adjusted annual rate. The multifamily sector, which includes apartment buildings and condos, increased 6.2 percent to a 483,000 pace.