Skip to content

October 17, 2012

Housing starts surge to highest pace in four years

by Rylan Stewart

September housing starts rose 34.8 percent from the previous year and 15 percent from August to settle at a 0.872 million unit pace, the highest level in four years. The pace significantly topped market expectations. The West (20.1 percent), South (19.9 percent), and Midwest (6.7 percent) all posted gains, while the Northeast (5.1 percent) dipped in activity.

The Central Coast Lending newsroom covers the latest real estate, mortgage, and economic developments. From news coverage to features and analysis, we track trending local, national and global stories. Questions? Email us or comment below.

[Related: The difficulty with new home construction and development]

Single-family starts rose 11 percent, while the multifamily component jumped 25 percent.

Housing permits, meanwhile, rose 11.6 percent from the previous month and 45.1 percent from the previous year for a pace of 0.894 million units.

At the peak of the housing boom in January 2006, housing starts hit a 2.27 million annualized pace.

Economists estimate that residential construction accounts for 2.5 percent of GDP and that each new house built correlated to three new jobs.

 

Central Coast Lending is a California mortgage brokerage based in San Luis Obispo County. With offices in San Luis Obispo, Morro Bay, Paso Robles, and Arroyo Grande, Central Coast Lending is the top source for Central Coast mortgage, real estate, and home loan needs. To see why using a broker offers lower rates and superior service, click HERE. For a free, hassle-free online pre-qualification click HERE or call 805.543.LOAN to talk to one of our expert loan officers.


We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. For a list of forum rules, click HERE.


Leave a comment