It’s Raining Houses and Condos!
The Breakdown:
- Housing starts in October soared by 1.9% from the previous month. All you financial whiz-kids know what that means, right? A blistering seasonally adjusted annual rate of 1,372,000!
- Homes aren’t just rising from the ashes like a residential Phoenix. We’re talking a full-on construction boom baby! Towers, townhouses, standalones – we’ve got it all. In short, construction is doing the Macarena, people.
- Let’s slice that pie further, shall we? Single-family home construction rose by 1.6% – late to the party but still a welcome sight. Meanwhile, the ‘Living on the Edge’ impulsive apartment segment soared a solid and unwavering 6.8%. Apartments now offer bungee jumping, it seems!
- Okay, here’s another stat to make you break a sweat on your cross-trainer. Housing completions are also up by 4.5%, beating a neat path to a seasonally adjusted annual rate of 1,256,000. Landlords are just short of setting up a drive-thru for tenants!
- So hang on, do we have enough people to fill these freshly minted properties? Well, the economy doesn’t seem to be worried, honey! The job market remains strong, and wages are growing. So let’s just say it’s not all castles in the air!
The Hot Take:
In the immortal words of Rihanna, “Work, work, work, work, work,” and that’s about how much work is going into the U.S. housing market these days. My dear friends, the blistering pace of housing starts is like watching the Kardashians trying to outdo each other. Seriously, if houses were nickels, we’d be billionaires!
And while I applaud the gusto of the housing market, let’s not forget my apartment-living daredevils. Boosting 6.8% month-on-month, the construction of these sky-kissing apartments is like Jack’s beanstalk on a steroid diet.
So, folks, get those leases ready, prep that chip-and-dip, and invite your pals for the housewarming of a lifetime in your shiny new abode. Economic indicators point to the fact that we may just be able to afford this housing boom. Because like that friend who always insists on buying the next round, construction rates just won’t quit! Now, if only someone could solve that pesky issue of morning traffic…
Original article: https://www.inman.com/2023/11/17/housing-starts-increased-in-october-as-builder-sentiment-fell/
