Housing construction starts up in June

Housing starts and permits both rose to nearly eight-year highs in June.
Author:
Updated:
Original:

Housing starts and permits both rose to nearly eight-year highs in June, a sign that residential construction activity continues to move in the right direction.

Housing starts reached a seasonally adjusted annual rate of 1,174,000 units in June and permits soared to 1,343,000, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development in a joint statement released Friday.

However, much of the monthly increase came from the highly volatile multifamily segment, with starts in single-family construction edging slightly lower, National Association of Manufacturers chief economist Chad Moutray said in a report released today.

Still, the longer-term trend remains positive and homebuilders are mostly upbeat about the coming months, Moutray wrote.

The Housing Market Index from the National Association of Home Builders and Wells Fargo rose to its highest level since November 2005 in July.

“Overall, housing data are very encouraging for those manufacturers who have long sought a recovery in the market,” Moutray said in the report.

Moutray also speculated that the Federal Open Market Committee will likely begin raising short-term interest rates by the end of the year, either at its September or December meeting, based on progress made in the overall economy and testimony given by Federal Reserve chairman Janet Yellen last week.

Related

Argos 3D Forward Looking Sonar

For 20 Years, FarSounder has been developing and manufacturing 3D forward-looking sonar for vessels of all sizes.

Dometic Marine Appoints Executives

The company promotes a 20-plus-year employee and adds a vice president of aftermarket sales and e-commerce.

IMEA Launches Scholarship Program

The International Marine Electronics Alliance aims to recruit students into the field of marine technology.

RBFF Campaign Reels in Awards

The fishing-and-boating advocacy group’s Get on Board campaign was recognized by two national public relations organizations.

Suzuki’s Clean Ocean Project

Testing of the engine manufacturer’s microplastics filtering device continues as it moves closer to production. The company also released its full-year financials.

Uflex Adds to Sales and Marketing Team

The company said significant growth during the last few years created the need to add three employees.

NMTA Beats Proposal To Double Excise Tax

It’s just one example of the value of belonging to a state or local marine trade association. Are you a member of an MTA?