Friday, June 7, 2013

Housing starts in west region rise in April, with multifamily starts up 51 percent

Housing starts in the West Census region of the US, which includes Colorado, were up 40.2 percent percent from April 2012 to april 2013, counting both single-family and multi-family units combined. According to new housing construction and housing starts data released last week by the US Census Bureau, housing starts were at the highest total recorded in any April since 2008  (Graph units in 1,000s.)

Multi-family housing starts in the West were also at a five-year high for April, rising to the highest April total since 2008.  

The second graph shows multifamily housing starts for the West region (units in 1,000s): 

Multifamily housing starts increased in the region by 51 percent from April 2012 to April 2013. As the graph shows, overall multifamily activity has increased substantially since the trough of 2009, and is now seeing some of the highest levels of activity since 2007. In the West region during April, there were 5,900 new multifamily units started, compared to 3,900 units during the same period of 2012. 

Single-family starts, on the other hand, showed growth that was much more restrained than multifamily growth. Nevertheless, the growth from 2012 to 2013 was substantial with single-family starts increasing 35 percent from April 2012 to April 2013. There were 12,900 new single-family starts during April 2013, compared to 9.500 single-family starts during April of 2012. (Graph units in 1,000s.)