Housing Starts Rise 15 Percent in September

Housing Starts and Building Permits for September 2011
	DATE	CURRENT		LAST	% Change	Download Starts and Permits
Starts	10/19/2011	658Th		572Th	15.0%
Permits	10/19/2011	594Th		625Th	-5.0%

Nationwide housing starts rose 15 percent to a seasonally adjusted annual rate of 658,000 units in September, marking the strongest pace of residential construction since April of 2010, according to figures released by the U.S. Commerce Department today. The gain was largely attributed to a sharp increase on the multifamily side, which has been trending upward due to increased demand for rental apartments.

"Today's numbers are very welcome evidence that builders are putting some crews back to work on single-family homes in select markets where economic conditions are improving, and on multifamily homes in places where demand for rentals is on the rise," said Bob Nielsen, chairman of the National Association of Home Builders (NAHB) and a home builder from Reno, Nev. "That said, extremely tight lending conditions for both building and buying new homes, along with stubbornly high foreclosures that are putting downward pressure on home prices, continue to weigh down new construction and corresponding job growth." He noted that for every one new single-family home built in this country, three new full-time jobs are created. Full story

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