New Multifamily Housing Construction Boosts October Housing Starts

The NAHB's Chief Economist, David Seiders, released his Report on October 2007 Housing Statistics today. Overall housing starts were 1.229 million units, up 3% over last month, but off 16% from the same time last year. What carried the month to month increase? Multifamily construction skyrocketed by 44% to an annualized rate of 345,000. Single family starts decreased 7% and total permits fell 7% as well.

The residential housing market is still substantially off from last year. However, the news is not as bleak as it has been in recent months. Barrier is well positioned to meet increases in demand as multifamily construction projects start to move forward.

Will home builder and/or building supply stocks be impacted with the release of this report? It should be interesting.
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