Housing starts continue to improve, led by an increase of 6% in single family housing starts. Newly released figures from HUD and the US Census indicate that nationwide, housing production rose by 2.8%. Seasonally adjusted, this represents an increase from February’s rate of 920,000 to 946,000 units in March. This report suggest continued strengthening of the housing market throughout the remainder of 2014.
The housing market’s greatest rate of recovery appears to be in the Northeast and Midwest where severe weather conditions hampered construction earlier in the year. While overall projections are good, enthusiasm is tempered by very slow job growth and tight credit conditions for home buyers.
The highlight of March’s report is single family starts, up 6% to a seasonally adjusted rate of 635,000 units. Multi-family units fell to 292,000 units, a 6% decline. Despite the good news on single family starts, permit issuance fell by almost 2.5% in March. Regionally, gains in the Northeast (+33%) and Midwest (+26%) were offset by losses in the South (-17.1%).
Endura Products, Inc. manufactures entry door component systems that improve door construction, door installation and long-term performance in the home. Endura components improve functionality, maximize the seal between the door and the opening, and reduce air and water infiltration.