Single-family starts increased 8.2% to a 940,000 seasonally adjusted annual rate, while the multi-family sector jumped 58.4% to a 556,000 pace.
Single- and multi-family housing starts each posted solid gains in July, with total housing production up 22.6% to a seasonally adjusted annual rate of 1.5 million units, according to a report from the U.S. Housing and Urban Development and Commerce Department. This is the highest production rate since February.
The July reading of 1.5 million starts is the number of housing units builders would begin if they kept this pace for the next 12 months. Within this overall number, single-family starts increased 8.2% to a 940,000 seasonally adjusted annual rate. The multi-family sector, which includes apartment buildings and condos, jumped 58.4% to a 556,000 pace.