Tag: residential construction
At a seasonally adjusted annual rate of $697.4 billion, new construction starts in February dropped 3 percent from the previous month, according to Dodge Data & Analytics. The February decline returned construction starts to the downward path that emerged during the closing months of 2018.
A new illustrated book, co-published by the International Code Council (ICC) and APA – The Engineered Wood Association, provides an explanation of the lateral bracing provisions of the 2018 International Residential Code (IRC).
"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.
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.
Builder confidence in the market for newly-built single-family homes edged down one point to a level of 70 in March from a downwardly revised February reading on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) but remains in strong territory.
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential construction statistics for February 2018.
Residential construction statistics for January 2018, announced by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, including building permits, housing starts, and housing completions, exceeded analysts’ expectations.