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    Analysis

    April 16, 2014

    March Housing Permits and Starts

    Written by Peter Wright

    We were somewhat in disbelief when we analyzed the March housing data this week but on checking the formulas in our spread sheets it appears that our first impression was correct. Table 1 shows building permits and housing starts data for Q1 2014 compared to Q1 2013. Total construction starts were down by 3.6 percent year over year but what really surprised us was that multifamily (apartment) starts also declined. This was the first year over year contraction for apartment starts since May 2010 which was the end of the recessionary contraction. The Mid-west was the worst affected but even the West and the South experienced a contraction in multifamily starts.

    Peter Wright

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