As part of an overall trend in new construction starts in the United States, residential construction saw a notable increase in April 2014.
Residential construction rose 4 percent in April, bringing the annual rate to an estimated $214.4 billion, according to published reports. Increases in production of multifamily housing such as apartments, townhouses and condominiums is credited with the April increase. The rate of construction was 24 percent higher than the same period in 2013.
April’s numbers also showed a 19 percent increase over March 2014, which saw a 9 percent decrease. Overall, April’s average monthly pace of new multifamily housing was 24 percent higher than the average monthly pace observed during 2013.
Large multifamily construction projects in the New York City area helped fuel the increase. The New York area has been one of the five top metropolitan areas showing the most multifamily starts in the first quarter of 2014. Other top cities include Washington, DC,; Miami, FL; Los Angeles, CA; and Boston, MA.
In contrast, single-family construction slipped by a percentage point in April, contributing to an ongoing trend in decreases in this type of housing. In April 2014, the single-family housing market was 4 percent below the average from the same time in 2013.
Construction Monitor is the residential construction industry’s premier source for detailed building permit data and information on home starts throughout the United States. Contact us today for more information on current trends in residential construction and how they’re expected to affect the building industry in both the short and long term.
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