Newsroom
August 24, 2014
Housing starts up 15.7% in July
Aug. 20, 2014 – Privately owned housing starts – homes on which construction has begun – went up by 15.7 percent in July, making that month's pace the highest since November 2013.
NAFCU Staff Economist Doug Christman analyzed data from the Census Bureau, and found that the surge brought July starts data to a seasonally adjusted annual rate of 1.1 million units – a 21.7 percent increase from a year before.
"Improvements in July's housing starts data suggests a strengthening housing market after sluggish sales in the first half of the year," Christman said. "Greater demand and improvements in the labor market should help drive a rebound in the housing market throughout the year and into 2015. An improving housing market will help drive broader growth in the economy."
Christman also found that rising demand for rental housing helped drive investment in multi-family units – often apartment buildings – which led to an increase of 33 percent month to month in multi-family unit starts. Single-family unit starts increased by 8.3 percent.
Building permits also increased by 8.1 percent to a seasonally adjusted annual rate of 1.05 million units – a predictor of future construction.
The strongest growth in starts was seen in the Northeast with a 44 percent increase in July. Starts also increased in the South and West, but decreased by 24.8 percent in the Midwest.
NAFCU Staff Economist Doug Christman analyzed data from the Census Bureau, and found that the surge brought July starts data to a seasonally adjusted annual rate of 1.1 million units – a 21.7 percent increase from a year before.
"Improvements in July's housing starts data suggests a strengthening housing market after sluggish sales in the first half of the year," Christman said. "Greater demand and improvements in the labor market should help drive a rebound in the housing market throughout the year and into 2015. An improving housing market will help drive broader growth in the economy."
Christman also found that rising demand for rental housing helped drive investment in multi-family units – often apartment buildings – which led to an increase of 33 percent month to month in multi-family unit starts. Single-family unit starts increased by 8.3 percent.
Building permits also increased by 8.1 percent to a seasonally adjusted annual rate of 1.05 million units – a predictor of future construction.
The strongest growth in starts was seen in the Northeast with a 44 percent increase in July. Starts also increased in the South and West, but decreased by 24.8 percent in the Midwest.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.