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Housing Starts and Permits Top One Million

For the first time since last year, housing starts reached over one million for May, according to a new report from the National Association of Home Builders. Additionally, housing permits topped one million for the third month in a row, with both of these increases primarily in the multifamily rental sector.

Construction in multifamily rose by 40 percent, the highest increase since January 2006, totaling about 423,000 starts. Multifamily starts were especially high in the Midwest region of the country, where they rose by more half from 42,000 to 100,000. Permits for this sector also went up 20 percent to 478,000, the highest rise since 2008.

This significant rise in multifamily construction speaks to the increased demand for rental housing by young, newly formed households.

Read the full article at NAHB here.

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