Multifamily Surge Pushes Housing Starts Over 1 Million

Soaring production of multifamily apartments pushed nationwide housing starts above the million-unit mark in April, according to newly released figures from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Total housing production rose 13.2% for the month to a seasonally adjusted annual rate of 1.07 million units, due entirely to a 39.6% increase on the multifamily side, while single-family production held steady.

"The flat single-family data confirm our latest surveys, which show that single-family builders remain concerned that tight credit availability and uncertain economic conditions are keeping potential buyers on the sidelines," said Kevin Kelly, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Wilmington, Del. "However, demand for apartment construction still remains high."