Housing Starts up 10.8% in 2015
Nationwide housing starts increased 10.8% to 1.11 million units in 2015, according to recently released figures from HUD and the U.S. Commerce Department. Single-family starts posted a yearly gain of 10.4% to 715,000 units.
“These numbers are in line with what our members are telling us that housing markets are improving, but lot and labor shortages continue to be a problem for many builders,” said Tom Woods, hairman of the National Association of Home Builders (NAHB).
In December, single-family starts fell 3.3% to 768,000 units from an upwardly revised November reading of 794,000 units. Except for November, this was the highest monthly total for single-family housing starts in 2015. Meanwhile, multi-family starts in December fell 1% to 381,000 units.
“The gradual increase in housing production for 2015 mirrors our forecast and sets the stage for continued growth in 2016,” said David Crowe, NAHB chief economist. “Strong job growth, rising consumer confidence and pent-up demand will keep housing on an upward trend.”
Regionally in December, combined single- and multi-family starts rose 24.4% in the Northeast, but fell 12.4% in the Midwest, 3.3% in the South and 7.6% in the West. Overall permit issuance increased 12% to 1.178 million units in 2015. Permit issuance in December fell 3.9% to 1.232 million units. Single-family permits increased 7.9% to 691,000 units while multi-family permits fell 11.4% to 492,000 units.
For more information, visit www.nahb.org.