Tuesday, April 16, 2013

Multifamily



"New-home construction in the U.S. jumped more than forecast in March as multifamily projects climbed to the highest level in more than seven years.
A laborer works on new home construction at the Chateau at Fallon Crossing development by Standard Pacific Homes in Dublin, California. Photographer: David Paul Morris/Bloomberg

Starts climbed 7 percent to a 1.04 million annual rate, the most since June 2008, after a revised 968,000 pace in February that was larger than previously reported, Commerce Department figures showed today in Washington. The median estimate of 80 economists surveyed by Bloomberg called for 930,000. Building permits, a proxy for future construction, fell.

Builders are rushing to satisfy growing demand for rental units, propelling the jump in construction that will help support economic growth. Work began on fewer single-family houses last month, adding to evidence that part of the market is pausing."

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