Residential building in July was that 8% boosted by multifamily housing which we bounded of the three consecutive monthly declines
Residential building in July was that 8% boosted by multifamily housing which we bounded of the three consecutive monthly declines.
The figures from Dodge Data and Analytics reveal that residential building reached $301.1 billion (annual rate) in July with multifamily housing value increasing 30%.
Nine multifamily projects were valued at $100 million or more led by the $316 million wolf point East apartment Tower in Chicago, the $225 million multifamily portion of the $280 million mixed-use redevelopment of the Domino sugar factory in Brooklyn NY, and a $225 million condominium tower in Honolulu HI.
The top metros in terms of dollar amount for multifamily starts in July were New York, Chicago, Los Angeles, Boston and Atlanta.
In contrast to the rise for multifamily, single-family housing construction was flat in July compared with June. The North-East gained 3%, South-Central was up 2% and South Atlantic was up 1%. The West was unchanged while the Midwest was down 3%.
“It's true that residential building is now seeing generally decreased activity for multifamily housing, but the monthly declines continue to be mixed in with monthly gains, such as what took place in July,” commented Robert A. Murray, chief economist for Dodge Data & Analytics.
In contrast, there was a 7% slide for nonresidential building following a 14% hike in June. Office buildings and hotels retreated from June's elevated activity, outweighing a sharp rise for healthcare facilities in July.
“For nonresidential building, growth is being supported by its institutional segment, while commercial building is leveling off due to varied behavior by its individual project types," added Murray.
The figures from Dodge Data and Analytics reveal that residential building reached $301.1 billion (annual rate) in July with multifamily housing value increasing 30%.
Nine multifamily projects were valued at $100 million or more led by the $316 million wolf point East apartment Tower in Chicago, the $225 million multifamily portion of the $280 million mixed-use redevelopment of the Domino sugar factory in Brooklyn NY, and a $225 million condominium tower in Honolulu HI.
The top metros in terms of dollar amount for multifamily starts in July were New York, Chicago, Los Angeles, Boston and Atlanta.
In contrast to the rise for multifamily, single-family housing construction was flat in July compared with June. The North-East gained 3%, South-Central was up 2% and South Atlantic was up 1%. The West was unchanged while the Midwest was down 3%.
“It's true that residential building is now seeing generally decreased activity for multifamily housing, but the monthly declines continue to be mixed in with monthly gains, such as what took place in July,” commented Robert A. Murray, chief economist for Dodge Data & Analytics.
In contrast, there was a 7% slide for nonresidential building following a 14% hike in June. Office buildings and hotels retreated from June's elevated activity, outweighing a sharp rise for healthcare facilities in July.
“For nonresidential building, growth is being supported by its institutional segment, while commercial building is leveling off due to varied behavior by its individual project types," added Murray.
