Jan 19, 2022 - Economy & Business

Multifamily housing drives U.S. homebuilding to 9-month high

Data: U.S. Census Bureau via FRED; Chart: Axios Visuals
Data: U.S. Census Bureau via FRED; Chart: Axios Visuals

Multifamily housing construction boosted U.S. homebuilding last month to a nine-month high.

The big picture: The construction and real estate industries are betting that homebuyers will settle for renting amid a shortage of homes and high prices.

By the numbers: Construction starts on buildings with five units or more rose about 14% from November to 524,000, the Commerce Department reported today.

  • Compared to December 2020, that's up 56%.
  • In contrast, starts on buildings with one unit fell 11% between December 2020 and December 2021.
Go deeper