• Contact Us
  • Advertise with us
  • Privacy
  • Terms of Service

Logo

Navigation
  • Home
  • Job Tips
  • Leadership
  • News
  • On The Job Advice
  • Opinion

Housing starts rebound, but single-family homebuilding remains weak

By admin | on April 17, 2018 | 0 Comment
News
105134689-GettyImages-875337040.1910x1000.jpg

U.S. homebuilding increased more than expected in March amid a rebound in the construction of multifamily housing units, but weakness in the single-family segment suggested the housing market was slowing.

Housing starts rose 1.9 percent to a seasonally adjusted annual rate of 1.319 million units, the Commerce Department said on Tuesday. Data for February was revised up to show groundbreaking declining to a 1.295 million-unit pace instead of the previously reported 1.236 million units.

Economists polled by Reuters had forecast housing starts rising to a pace of 1.262 million units last month. Permits for future home building rose 2.5 percent to a rate of 1.354 million units in March.

Despite the rebound in homebuilding last month, activity appears to be slowing. Single-family homebuilding, which accounts for the largest share of the housing market, fell 3.7 percent to a rate of 867,000 units in March.

A survey on Monday showed confidence among homebuilders fell in April for a fourth straight month. Builders complained about a lack of buildable lots and increasing construction material costs. According to the survey, tariffs imposed by the Trump administration on Canadian lumber and other imported products were “pushing up prices and hurting housing affordability.”

Confronted with these supply constraints, homebuilding will probably not increase significantly to eradicate an acute shortage of houses on the market, which is pushing up prices and sidelining some first-time home buyers.

Demand for housing is being driven by a robust labor market, which is underpinning the economy. Despite jobs market strength, wage inflation has remained moderate.

Single-family home construction fell in the Northeast, South, and West, but rose in the Midwest. Permits to build single-family homes dropped 5.5 percent in March to an 840,000 unit-pace, the lowest level since September 2017.

With permits lagging starts, single-family home construction could slow further.

Starts for the volatile multi-family housing segment surged 14.4 percent to a rate of 452,000 units in March. Permits for the construction of multi-family homes dropped jumped 19 percent to a 514,000 unit-pace.

Source link

Share this story:
  • tweet

Recent Posts

  • How to Write A Job Description

    April 20, 2018 - 0 Comment
  • Trade tensions are just one of the three biggest challenges for the global economy, IMF says

    April 20, 2018 - 0 Comment
  • Protectionism is short-term and we don't like that, Brazil's finance chief says

    April 19, 2018 - 0 Comment

Author Description

No Responses to “Housing starts rebound, but single-family homebuilding remains weak”

Leave a Reply Cancel Reply

Your email address will not be published. Required fields are marked *


*
*

Sponsors

Recent Posts

  • How to Write A Job Description
  • Trade tensions are just one of the three biggest challenges for the global economy, IMF says
  • Protectionism is short-term and we don't like that, Brazil's finance chief says
  • Global trade has an issue with trust, IMF's Lagarde says
  • Barclays slashes first quarter GDP projection to just 1.5 percent as early-year growth hopes dim

Keep Update With Job News

Get the best of informations of Magazon delivered straight to your inbox, no spam we promise

RSSSubscribe 0 Followers
  • Popular
  • Recent
  • Comments
  • How to Write A Job Description

    April 20, 2018 - 0 Comment
  • Post with thumbnail slider

    January 25, 2013 - 0 Comment
  • A normal post

    January 26, 2013 - 0 Comment
  • Business Card Design

    January 26, 2013 - 0 Comment
  • Technology post with slider

    January 26, 2013 - 0 Comment
  • How to Write A Job Description

    April 20, 2018 - 0 Comment
  • Trade tensions are just one of the three biggest challenges for the global economy, IMF says

    April 20, 2018 - 0 Comment
  • Protectionism is short-term and we don't like that, Brazil's finance chief says

    April 19, 2018 - 0 Comment
  • Global trade has an issue with trust, IMF's Lagarde says

    April 19, 2018 - 0 Comment
  • Barclays slashes first quarter GDP projection to just 1.5 percent as early-year growth hopes dim

    April 19, 2018 - 0 Comment

Sponsors

  • Contact Us
  • Advertise with us
  • Privacy
  • Terms of Service
© 2016. All Rights Reserved