Builders Shift Gears
9.28.2020 View online version
Too early to say whether this is a trend or a blip, but U.S. housing starts took an interesting turn in August.
Total starts fell 5% to 1,416,000 annualized. No surprise there. July was a banner month—the best since the pandemic began and the fourth best monthly total since 2006. The surprise was in the mix.
Over the 51 years from 1959 to 2010, multifamily as a share of total U.S. starts averaged 28%. Multifamily’s share of the total ha...