Housing starts in the US rose in September after two straight months of decline, on the back of a sharp increase in construction of multi-family housing, showed official data.
The Commerce Department revealed that housing starts climbed 6.5 percent to an annual rate of 1.206 million units in September. Housing starts also jumped 17.5 from September 2014 and 12.0 percent in the year-to-date, reported Channel News Asia.
The increase was led by construction of multi-family homes, which surged 17.0 percent in September.
Starts on single-family units – which account for the bulk of the US housing market – increased by only 0.3 percent.
Meanwhile, building permits fell 5.0 percent in September. On a yearly basis, building permits climbed 4.7 percent and 13.0 percent during the first nine months of 2015.
“Residential construction continues at a steady pace,” said Andres Carbacho-Burgos of Moody’s Analytics.
However, construction is expected to slow over the coming months as building permits grow at a slower year-on-year pace compared to housing starts, said the analyst.
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
