{"id":831,"date":"2017-02-17T00:00:00","date_gmt":"2017-02-17T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/housing-starts-cool-off-in-january\/"},"modified":"2023-04-14T16:14:04","modified_gmt":"2023-04-14T16:14:04","slug":"housing-starts-cool-off-in-january","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/housing-starts-cool-off-in-january\/","title":{"rendered":"Housing Starts Cool Off in January"},"content":{"rendered":"

\"Housing<\/p>\n

Housing starts dropped 2.6 percent on a month-over-month basis in January.<\/h2>\n
\n

<\/p>\n

Overall housing<\/a> production declined in January after an unusually robust reading in the multifamily sector in December, but economists were unfazed. “As we move forward in 2017, we can expect the multifamily sector to continue to stabilize and single-family production to move forward at a gradual but consistent pace,” says Robert Dietz, chief economist for the National Association of Home Builders.<\/p>\n

Housing starts dropped<\/strong> 2.6 percent on a month-over-month basis in January to a seasonally adjusted annual rate of 1.246 million units, primarily due to a 10.2 percent plunge in the multifamily sector, the Commerce Department reported Thursday. Single-family starts, on the other hand, rose 1.9 percent month-over-month to 823,000 units.<\/p>\n

“A settling of housing production is in line with what we are hearing from builders \u2014 that they are largely optimistic about current market conditions but still face supply-side headwinds and regulatory hurdles,” says Granger MacDonald, chairman of the National Association of Home Builders.<\/p>\n

Combined single- and multifamily housing production was on the rise in the Northeast and South in January. In the Northeast, housing production surged 55.4 percent last month and by 20 percent in the South. On the other hand, starts dropped by 41.3 percent in the West and by 17.9 percent in the Midwest, the Commerce Department reported.<\/p>\n

Housing production is likely to pick up in the coming months. Issuance of construction permits \u2014 a gauge of future construction activity \u2014 increased 4.6 percent in January to 1.285 million units. But the bulk of that increase was due to a nearly 20 percent increase in multifamily permits to 477,000 units, the Commerce Department reported. Single-family permits, meanwhile, dropped 2.7 percent in January to 808,000 units.<\/p>\n

The Northeast likely will continue to see some of the biggest increases in housing production. Regionally, housing permits increased by the highest amount in the Northeast, rising 29.6 percent in January, followed by a 9.9 percent gain in the South, and a 5.3 percent increase in the Midwest. The West was the only major region to see a decline, dropping 13.2 percent in January.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Housing starts dropped 2.6 percent on a month-over-month basis in January. Overall housing production declined in … Housing Starts Cool Off in January<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[4751,2890,344,8858,8838,8839,8840,8841,8842,8843,8844,8845,8846,8847,8848,8849,8850,8851,8852,8853,8854,8855,8856,8857,1442,2886,41,818],"class_list":["post-831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-amazing","tag-construction","tag-housing","tag-housing-starts","tag-housing-starts-and-permits","tag-housing-starts-annual","tag-housing-starts-april-2022","tag-housing-starts-arizona","tag-housing-starts-austin","tag-housing-starts-australia","tag-housing-starts-california","tag-housing-starts-canada","tag-housing-starts-canada-2023","tag-housing-starts-canada-by-year","tag-housing-starts-chart","tag-housing-starts-estimates","tag-housing-starts-europe","tag-housing-starts-expectations","tag-housing-starts-in-texas","tag-housing-starts-in-the-us","tag-housing-starts-index","tag-housing-starts-ontario-2023","tag-housing-starts-outlook","tag-housing-starts-recent-trends","tag-in-housing","tag-optimistic","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/01\/UK_Housing_Market32.jpg?fit=446%2C269&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":4136,"url":"https:\/\/amazingproperty.com.ng\/blog\/an-uptick-in-housing-starts-matters-to-buyers\/","url_meta":{"origin":831,"position":0},"title":"An Uptick in Housing Starts Matters to Buyers","author":"Amazing Property","date":"May 3, 2017","format":false,"excerpt":"Your home buyers may want to look more closely at the housing starts numbers, even if they don\u2019t intend to buy new. Housing starts, or\u00a0the number of new homes that builders have begun construction on, tend to follow a seasonal pattern\u2014increasing in the spring, peaking in the summer, receding in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2087,"url":"https:\/\/amazingproperty.com.ng\/blog\/surge-in-single-family-housing-starts\/","url_meta":{"origin":831,"position":1},"title":"Surge in Single-Family Housing Starts","author":"Amazing Property","date":"March 17, 2017","format":false,"excerpt":"Single-family housing starts surged in February to their highest level since late 2007, the Commerce Department reports. Overall, nationwide housing starts, including for single-family and multifamily sectors, increased 3 percent in February to a seasonally adjusted annual rate of 1.288 million units. Broken out, single-family production rose 6.5 percent in\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3562,"url":"https:\/\/amazingproperty.com.ng\/blog\/fewer-new-homes-in-pipeline-pushes-up-prices\/","url_meta":{"origin":831,"position":2},"title":"Fewer New Homes in Pipeline Pushes Up Prices","author":"Amazing Property","date":"April 19, 2017","format":false,"excerpt":"Nationwide housing starts dropped in March, despite continued high buyer demand, which is adding pressure to overall home prices. Housing starts for single-family and multifamily homes dropped 6.8 percent in March to a seasonally adjusted annual rate of 1.22 million units, the Commerce Department reported Tuesday. Broken out, single-family production\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7636,"url":"https:\/\/amazingproperty.com.ng\/blog\/builders-warn-materials-are-in-short-supply\/","url_meta":{"origin":831,"position":3},"title":"Builders Warn Materials Are in Short Supply","author":"Amazing Property","date":"December 28, 2017","format":false,"excerpt":"A shortage of building materials is becoming a pressing problem for many of the nation\u2019s homebuilders. 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