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Housing Production Holds Steady in August

WASHINGTON – (RealEstateRama) — U.S. Congressman Scott Peters (CA-52) voted against a partisan government spending package that, among other drastic measures, completely eliminates the U.S.-Mexico Border Water Infrastructure Grant Program. These grants support a bi-national partnership that has funded and would continue to fund repairs to sewage infrastructure that is at risk of rupturing and causing sewage spills that effect San Diego. The elimination of the Border Water Grant Program is part of a 7% overall cut to the Environmental Protection Agency that would severely limit its resources to protect clean air and water.

“This month’s report shows that single-family starts continue to move forward at a gradual, consistent pace,” said NAHB Chief Economist Robert Dietz. “The three-month average for single-family production has reached a post-recession high, but the months ahead may show volatility given that the building markets affected by Hurricanes Harvey and Irma represent about 14 percent of national production.”

“We are paying close attention to the communities affected by these hurricanes, and are helping them start on the rebuilding and restoration process,” said Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas.

Regionally in August, combined single- and multifamily housing production rose 22.0 percent in the Midwest and 4.0 percent in the West. Starts fell 7.9 percent in the South and 8.7 percent in the Northeast.

Overall permit issuance in August was up 5.7 percent to a seasonally adjusted annual rate of 1.30 million units. Single-family permits edged down 1.5 percent to 800,000 units while multifamily permits rose 19.6 percent to 500,000.

Regionally, overall permits rose 15.3 percent in the West, 8.8 percent in the Midwest and 3.7 percent in the South. Permits fell 13.0 percent in the Northeast.

Elizabeth Thompson