TitlePac
Title Whale
Register
Log In
Forget your Password?

Home
Directory
Bulletins
Forums
Blogs
Articles
Links
Classifieds
About Us
Contact Us
Advertise
FAQ
Privacy Policy


Supply-Side Disruptions Push Single-Family Production Down in October
press release, National Association of Home Builders
   

Single-family housing production lagged in October due to supply-chain effects for materials and ongoing access issues for labor and lots. Overall housing starts decreased 0.7% to a seasonally adjusted annual rate of 1.52 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

The October reading of 1.52 million starts is the number of housing units builders would begin if development kept this pace for the next 12 months. Within this overall number, single-family starts decreased 3.9% to a 1.04 million seasonally adjusted annual rate, and are up 16.7% year-to-date. The multifamily sector, which includes apartment buildings and condos, increased 7.1% to an annualized 481,000 pace.

Due to supply-chain effects, there are 152,000 single-family units authorized but not started construction—up 43.4% from a year ago.

“The rising count of homes permitted but not yet started construction is a stark reminder to policymakers to fix the supply chain so that builders can access a steady source of lumber and other building materials to keep projects moving forward,” said Chuck Fowke, chairman of the National Association of Home Builders (NAHB) and a custom home builder from Tampa, Fla.

“Single-family permit data has been roughly flat on a seasonally adjusted basis since June due to higher development and construction costs,” said NAHB Chief Economist Robert Dietz. “Demand remains solid but housing affordability is likely to decline in 2022 with rising interest rates.”

On a regional and year-to-date basis (January through October of 2021 compared to that same time frame a year ago), combined single-family and multifamily starts are 30.2% higher in the Northeast, 10.7% higher in the Midwest, 15.2% higher in the South and 20.4% higher in the West.

Overall permits increased 4.0% to a 1.65 million unit annualized rate in October. Single-family permits increased 2.7% to a 1.07 million unit rate. Multifamily permits increased 6.6% to an annualized 581,000 pace.

Looking at regional permit data on a year-to-date basis, permits are 14.4% higher in the Northeast, 17.2% higher in the Midwest, 20.4% higher in the South and 23.0% higher in the West.



to post a comment on this article: login - or - register



TexasFile
Directory

The Source of Title Business directory has 8820 listed companies.

Leave feedback on a company:
SOT ID #:  learn more...
DRN Title Search
Blogs

Read other users' blogs-- or start your own!

Most Recent Blog Posts:

A Reminder of Why Title Insurance is so Important
Source of Title Blog
2021/03/07
0 comments

How You Can Conduct a Closing in Your Office
Michele Blanco's Blog
2020/05/11
4 comments

Only allowing e-recording could be a BIG problem for us
Jeanine Johnson's Blog
2020/03/23
4 comments

Mortgage Connect
Forums

Source of Title's Forums are the place for title industry discussions.
Recent posts in the forums:



NAILTA
Classifieds

Buy, sell, or trade! Browse the ads or post your own!

ServiceLink Seeking SD,VT,KY Abstractors
November 09 2021
Highly qualified and skilled abstractors are needed in your area. We are expanding our network of independent, boots-on-the-ground abstractors for our Default Services Division. If you are a search and abstract vendor ready to take the next step in ...[more info]

email
© 2020, Source of Title.