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Builder confidence rose for the fourth straight month and residential construction stats may now be trying to catch up. Both construction permits and housing starts rose in February compared to both January and February 2023 levels.

"Multifamily construction spending stayed flat in July after a dip of 0.6% in June. Year-over-year, spending on multifamily construction declined 6.7%, as an elevated level of apartments under construction is being completed. Private residential improvement spending increased 1.2% in July and was 18.3% higher compared to a year ago." #construction #suretybonds #bondwiththebest https://lnkd.in/g-h6KBNK.

New-home construction plunges to lowest level since May 2020 - Construction of new homes fell 6.8% in July compared with the previous month, as builders scaled back new projects. -Housing starts fell to a 1.24 million annual pace from 1.33 million in June, the government said Friday. That’s how many houses would be built over an entire year if construction were to continue at the same rate each month as in July. - The data fell short of Wall Street’s expectations of a 1.34 million pace. All numbers are seasonally adjusted. - Housing starts fell to the lowest level since May 2020. Outside of the pandemic, new-home construction was at its lowest level since March 2019. - The pace of construction has been trending lower in recent months as builders grapple with higher financing costs to build, as well as elevated mortgage rates that have dampened home-buying activity. https://lnkd.in/g3zepAev

Despite the month-over-month decline, December still saw a yearly uptick of 7.6%. The monthly decrease was, in large part, a correction from the enormous 15.4% surge in starts during November, which was likely brought about by unseasonably warm weather pulling construction forward. Single-family construction accounted for most of the pullback, decreasing 8.6% from November’s revised figure to a rate of 1.03 million units. Single-family starts for full-year 2023 totaled roughly 945,000 units, a 6% annual drop.

Construction spending update: > November construction spending was estimated at a seasonally adjusted annual rate of $2,050.1 billion, up 0.4 percent from October and 11.3 percent year-on-year. This is the 11th consecutive month of increases. > During the first eleven months of 2023, construction spending amounted to $1,817.1 billion, up 6.2 percent year-on-year. > For private residential construction, spending on new single-family homes rose 2.9 percent from October and 5.5 percent year-on-year to $400.4 million. > Spending on multifamily construction edged up 0.1 percent from October and was up 13.6 percent year-on-year. Link to report in comments. #constructionspending #realestate #housingmarket #homebuilding #newhomes #multifamily #btr #censusbureau

Residential Construction Fall and Builder Confidence Flattens in Uncertain Rate Environment https://lnkd.in/daEYGfRF

Housing Starts saw a big rebound in February, with both single-family and multi-family construction improving from January’s slump. Single-family starts were also 35% higher than a year earlier! And there are signs this trend should continue, as single-family Building Permits (which reflect future construction) reached their highest level in a year.

Exciting Real Estate Shift in Calgary: Multi-Family Homes on the Rise! Are you ready for a game-changing shift in Calgary's real estate landscape? Hold onto your hats because the latest trends are signaling a significant move towards multi-family homes, reshaping the way we think about housing in our city! In a recent article by Calgary Herald, it's clear that single-family homes are becoming increasingly out of reach for many homebuyers. Here's the scoop: Last year alone marked the first time there were more multi-family sales, with single-family home prices soaring. The benchmark price of a home in the city grew six per cent last year to reach $556,975, with single-detached homes accounting for just 46.4 per cent of all resales. But fear not, because this shift isn't just about affordability – it's about innovation and adaptability in the face of changing market dynamics. According to the Calgary Real Estate Board's 2024 forecast, we can expect to see continued modest sales growth and rising prices, driven by a robust economy and a shortage of housing. In fact, the benchmark price of a single-family detached home grew nearly eight per cent last year to reach $675,783, even as sales fell 19 per cent. But here's where it gets interesting... Did you know that the average price of a new single-family home in Calgary grew almost $45,000 during 2023 to $783,962? Calgary is experiencing a transformative shift towards higher density and more affordable housing options, mirroring trends seen in larger urban centers like Toronto and Vancouver. But what does this mean for you? Whether you're a seasoned investor or a first-time homebuyer, understanding these market dynamics is crucial for making informed decisions about your real estate portfolio. Here's the kicker: Despite rising prices, demand for single-family homes remains high, particularly in the upper-end market segments. So, while the market is evolving, there are still lucrative opportunities waiting to be seized. At ESA Construction, we're ready to guide you through the ins and outs of Calgary's evolving real estate market. Want to learn more about investment opportunities and how you can capitalize on this shift towards multi-family living? Book a meeting or consultation with us today and let's explore the possibilities together! Contact Us: www.esaconstruction.ca esa.construction.homes@gmail.com #RealEstate #InvestmentOpportunities #CalgaryHousingMarket #ESAConstruction #ConsultationOpportunity

Housing Starts saw a big rebound in February, with both single-family and multi-family construction improving from January’s slump. Single-family starts were also 35% higher than a year earlier! And there are signs this trend should continue, as single-family Building Permits (which reflect future construction) reached their highest level in a year...

"New construction deliveries reached a new high of 140,800 units in Q4 2023, bringing the four-quarter total to a record 416,500. Fewer construction starts in recent quarters indicates there will be a decrease in deliveries in 2025 and beyond..." #housingmarket #realestate #housingaffordability #homeconstruction #multifamilyconstruction #housingdemand https://lnkd.in/gEQ77ebK