HVAC Breaking News

Nov. 18, 2004: Housing Starts Rebound In October

November 18, 2004
/ Print / Reprints /
ShareMore
/ Text Size+
WASHINGTON - Housing starts rose 6.4 percent to a seasonally adjusted annual rate of 2.03 million units in October, according to figures released by the U.S. Department of Commerce, offsetting the weather-related dip recorded in September.

"This expected rebound virtually ensures that home builders will set a new record for single-family home production in 2004, and is an excellent sign of continued momentum in the overall housing market," said Bobby Rayburn, president of the National Association of Home Builders (NAHB).

Starts rose across the board in October, with substantial gains registered in both the single-family and multifamily sectors as well as in every region of the country. Single-family starts gained 5.7 percent to reach a seasonally adjusted annual rate of 1.65 million units. Continuing at this pace, it would surpass last year's record that was just shy of 1.5 million units. Meanwhile, multifamily starts bounced up 9.5 percent to a seasonally adjusted annual rate of 382,000, the fastest pace since December 2003.

"Excellent financing conditions are still the key to solid housing market performance, including much of the strength on the condo side of the multifamily market," said David Seiders, NAHB's chief economist. "Improving economic conditions, particularly job and income growth, are additional factors in housing's favor heading forward - and solid increases in house values continue to buoy demand."

Regionally, starts posted the biggest gain, of 20 percent, in the Northeast, followed by an 8.6 percent boost in the Midwest, a 5 percent increase in the West, and a 4 percent improvement in the South.

Issuance of building permits, which can be an indicator of future building activity, was virtually unchanged in October with a less than 1 percent decline to a seasonally adjusted annual rate of 1.98 million units. Single-family permits declined 2.2 percent while multifamily permits rose 4.6 percent.

"This is a very positive report for housing and shows why builders are as optimistic as our latest surveys have indicated," said Seiders. "The nation's housing market is healthy, stable, and headed for a strong finish in 2004."

Publication date: 11/15/2004

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

2014 MCAA Annual Convention

Scenes from the 2014 MCAA Annual Convention in Scottsdale, Ariz.

Podcasts

Kyle Gargaro, editor-in-chief of The NEWS, hosted the 2014 ACCA CEO Forum. At the event, six well-known, highly respected company executives, Gary Michel, Ingersoll Rand/Trane; Chris Nelson, Carrier Corp.; Chris Peel, Rheem Mfg. Co.; Rod Rushing, Johnson Controls; Brent Schroeder, Emerson Climate Technologies; and Doug Young, Lennox; provided individual industry outlooks and fielded questions directly from attending contractors. Listen to the entire event on the NEWSMakers podcast. Posted on April 14.

More Podcasts

THE MAGAZINE

ACHRNEWS

NEWS 04-14-14 cover

2014 April 14

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

SERVICE CALLS POLL

Which statement on service calls best applies to your business?
View Results Poll Archive

HVACR INDUSTRY STORE

plumbing-hvac.gif
2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

 

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

DON'T MISS A THING

Magazine image
 
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.

STAY CONNECTED

facebook icontwitter iconyoutube iconLinkedIn i con