Dive summary:
- Production of all types of housing – single-family and multifamily – grew 8% from January to February and reached an annual rate of 917,000 units after seasonal adjustments.
- Data from the Census Bureau and the Department of Housing and Urban Development showed the single-family component hit a pace of 618,000 units, which has not been seen since June 2008.
- While the single-family gain was 0.5% from January, multifamily numbers grew 1.4%, posting the balance of the month's growth, or 299,000 units.
From the article:
"Today’s report indicates that, despite some bumps in the road, overall housing production continues on the solid upward trend that we saw throughout 2012," noted NAHB Chief Economist David Crowe. ...