U.S. Residential Market Enjoys New Home Construction Gains in 2018

According to new data from the U.S. Department of Housing and Urban Development and the Commerce Department, a surge in U.S. multifamily production pushed overall housing starts up 9.7 percent in January 2018 to a seasonally adjusted annual rate of 1.33 million units after an upwardly revised December 2017 reading. Multifamily starts rose 23.7 percent to a seasonally adjusted annual rate of 449,000 units. Meanwhile, single-family production posted a healthy 3.7 percent gain to 877,000 units. "The growth in production is in line with our reports of solid builder confidence in the housing market," said NAHB Chairman Randy Noel. "A pro-business regulatory climate and increasing housing demand are boosting builders' optimism, even as they continue to face supply-side hurdles such as rising construction material prices and access to lots and labor."