The Harman Group (THG), a firm specializing in structural engineering and parking planning and design, announced the groundbreaking of The Laurel, an ultra-luxury residential development in Philadelphia.
Confidence in the multifamily housing market edged down in the second quarter of 2018, according to the Multifamily Production Index (MPI) released by the National Association of Home Builders.
Housing starts for July came in at 1,168,000, 7.3% below the consensus of 1,260,000 and only 0.9% above last month's number of 1,158,000, which was revised down by 15,000 units. This is the worst two month stretch for starts since April/May of last year.
Builder confidence in the market for newly built single-family homes edged down one point to a solid 67 reading in August on the National Association of Home Builders/Wells Fargo Housing Market Index.
The Harman Group (THG), a firm specializing in structural engineering and parking planning and design, announced that The Harper, a 275,000-square-foot, 25-story, mixed-use residential building in Philadelphia, will celebrate its topping off milestone on Aug. 10, 2018.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced new residential construction statistics for May 2018.
"With single-family starts coming in below 900,000 and aggregate starts below 1,300,000, and despite double-digit percentage improvements over last year's results, this month's numbers are a bit disappointing," said Scott Volling, principal, PwC.
Nonresidential construction spending declined 0.3 percent in March, according to an Associated Builders and Contractors (ABC) analysis of U.S. Census Bureau data.
While March results for both housing starts and permits were strong, the residential market is facing a confluence of challenges including low inventory, constrained labor, and rising material costs, ultimately creating a growing bubble of pent up demand and affordability challenges.