Multifamily construction surged over 19 percent, driving total housing starts up 3 percent annualized last month, while starts of one-family homes fell for a fourth straight month. Building permits, a proxy of future construction activity, rose 3.4 percent, also due to a pickup in applications for multifamily projects. Meanwhile, authorizations for single-family homes decreased 2.3 percent to the slowest pace in more than a year. Single-family homebuilding fell in the Northeast and the West, but increased in the densely populated South and the Midwest, generally considered more affordable.
With mortgage rates stuck near 7 percent, the strong pace of single-family construction seen at the end of last year is fading. The report also showed permits for future construction of single-family houses dropped to a one-year low last month.
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