Housing starts gaining ground after four-year slump

Posted by Admin . on Friday, July 6th, 2012 at 1:41pm.

The 16,500 housing units on which construction began in May in the U.S. West region, which includes Colorado, represented the most housing starts in four years, according to U.S. Census Bureau data.

Housing starts of both single-family and multifamily units in the West were up 25.9 percent from May 2011 to May 2012, according to new housing construction and housing starts data released June 19 by the Census Bureau. Of the new units started, 11,400 were single-family structures and the remaining contained more than one housing unit.

Nationally, housing starts rose 26 percent in May 2012 compared with May 2011, with total housing starts reaching 68,300 units.

However, total housing starts are still well below May’s peak levels – 69 percent below – the West reached in 2004. The national peak in housing starts was reached during May 2005 and May’s starts were 65 percent down from that.

Multifamily starts have rebounded more than single-family starts, which are 76 percent below peak levels, while multifamily starts are only 49 percent below peak levels reached in August 2008. The single-family housing starts for the West region during May were at the highest point reached since August 2008.

The West Census region includes states on the West Coast and within the Rocky Mountain region.

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