October 25, 2003

DEPT. OF COMMERCE REPORTS NEW HOME, APARTMENT PRODUCTION INCREASED IN SEPT.

Builders began work on new homes and apartments at a seasonally adjusted annual rate of 1.89 million units in September, a 3.4 percent increase from August, according to a recent U.S. Dept. of Commerce report. "We've now had four consecutive months of housing production above the 1.8 million-unit pace," said Kent Conine, president of the National Association of Home Builders (NAHB). "Undoubtedly, last month's fallback in long-term mortgage rates was a contributing factor, as well as strong household formations and the accelerating economy."

Single-family starts rose 3.1 percent in September to a seasonally adjusted annual rate of 1.52 million units, according to the report. Multifamily starts rose 4.5 percent to a 368,000-unit rate, their highest since August of 2002 when they hit a 381,000-unit rate. Overall housing starts rose strongly in all regions except the South in September, which posted a 1.3 percent decline. Building permits for new homes and apartments permits fell 2.2 percent to a seasonally adjusted annual rate of 1.86 million units, according to the report.

Posted by gandlwoods at October 25, 2003 09:20 AM