Housing Starts Gain on Strength in Multifamily
Today's photos are those of Archival Designs' Luxury Starter Castle, Pontarion II.
Nationwide housing starts rose 6.8% to a seasonally adjusted annual rate of 914,000 units in May due primarily to increased production on the multifamily side, according to government data released this week. While single-family starts held at a solid but virtually unchanged pace of 599,000 units, multifamily production bounced back from an over-correction in the previous month with a 21.6% gain to 315,000 units.Regionally, combined starts activity posted gains of 17.8% in the South and 5.7% in the West and declines of 9.0% in the Northeast and 13.7% in the Midwest. Meanwhile, issuance of new building permits declined 3.1% to a seasonally adjusted annual rate of 974,000 units in May. This reduction was due entirely to a 10.0% decline to 352,000 units on the multifamily side following a spike in that same sector’s permits in April.
Builders, Lumber Dealers Report Shortages of Key Building MaterialsHome builders and lumber dealers are reporting significant shortages of key home building materials such as lumber and wall board, according to recent surveys by NAHB and the National Lumber and Building Material Dealers Association (NLBMDA). In a press release calling attention to the issue this week, NAHB Chief Economist David Crowe cautioned that supply constraints are one of the barriers to a more robust recovery and said that "the shortages and price increases reported by both home builders and lumber dealers are particularly concerning given that the current rate of construction is still far below what would be considered normal or necessary to meet underlying demand."
July Webinar Looks at Changes to Energy Code RequirementsNAHB BuilderBooks is proud to host an upcoming webinar that explains significant changes to the requirements of the 2012 International Energy Conservation Code. “Prepare for the Changes to the 2012 Codes Energy Requirements” will be offered from 2:00-3:30 p.m. ET on Wednesday, July 10. NAHB staff experts Craig Drumheller and Don Surrena, CBO, will:
- Identify changes to the 2012 International Energy Conservation Code
- Discuss new whole-house mechanical ventilation requirements
- Review the cost impact of the new energy and ventilation requirements
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- Joanne Loftus