In the Greenville-Spartanburg, South Carolina, market, the top 20 builders pulled 36.49 percent of single-family building permits in 2005. For the most recent twelve months ending June 30, 2013, the top 20 builders pulled 61.18 percent of single-family permits.
Source: MORE Report
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
Friday, August 23, 2013
Earn your CGP designation and set yourself apart from the rest!
The Charleston Home Builders Association is offering two educational courses in October that when completed will allow HBA members to earn the Certified Green Professional Designation (CGP). Andy Barber, CGP, will teach both courses. A brief overview of each course is below. Click here to learn more and register for these classes at CharlestonHBA.com. Both courses will be taught in Charleston, SC.
Business Management for Building Professionals - October 9, 2013
Learn the management skills that give industry leaders the edge. This course will give you a solid foundation for managing small- to medium-size building/remodeling and service companies. This course explains critical elements from planning to evaluating progress and presents practical tips and tools for managing a business successfully. You will get a solid grasp of business best practices and practical tools of value whether you are a new or experienced business owner.
Green Building for Building Professionals - October 10, 11, 2013
Implementing cost-effective green building into your construction practices begins with up-front planning that examines the whole house and the building science behind it. In this two-day course, you will learn how to apply the ANSI-approved National Green Building Standard™ in the construction of a new home, remodel, site development or multifamily project. With a focus on flexibility and a sound knowledge base, the course provides the tools for a successful green project.
Whether you are trying to earn your designation or just need continuing education credits, these classes are for you!
Business Management for Building Professionals - October 9, 2013
Learn the management skills that give industry leaders the edge. This course will give you a solid foundation for managing small- to medium-size building/remodeling and service companies. This course explains critical elements from planning to evaluating progress and presents practical tips and tools for managing a business successfully. You will get a solid grasp of business best practices and practical tools of value whether you are a new or experienced business owner.
Green Building for Building Professionals - October 10, 11, 2013
Implementing cost-effective green building into your construction practices begins with up-front planning that examines the whole house and the building science behind it. In this two-day course, you will learn how to apply the ANSI-approved National Green Building Standard™ in the construction of a new home, remodel, site development or multifamily project. With a focus on flexibility and a sound knowledge base, the course provides the tools for a successful green project.
Whether you are trying to earn your designation or just need continuing education credits, these classes are for you!
Alivia Emersyn Yanes
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| Crystal Yanes |
GSA Business: South Carolina gains 7,600 jobs in Home Building
South Carolina gained 7,600 jobs in single-family home construction in past year, according to Regional Economic Models, an economic analysis firm. South Carolina saw a 30% increase in single-family home building permits from June 2012 to June 2013, according to the National Association of Home Builders. Read more at Columbia Business Journal by clicking here.
Thursday, August 22, 2013
The GM NAHB $500 Private Offer Continues!
How it works:
- Get your NAHB proof of membership form at www.nahb.org/ma.
- Bring form to your GM dealer and mention this private offer.
- At time of purchase or lease, present your NAHB proof of membership.
Check out new GM vehicles at the Chili Cook Off
The Chili Cook Off, set for September 12, will be held at Kevin Whitaker Chevrolet. Attend the Chili Cook Off and check out new GM vehicles while socializing with your fellow HBA members.
* Offer valid toward the purchase or lease of eligible 2012, 2013 and 2014 model year GM passenger cars, vans, SUVs and trucks. Excludes the Chevrolet Caprice, Captiva Sport, Volt and Cadillac models. Not available with some other offers. Not valid on prior purchases. Program subject to change without notice. See dealer for details. Take delivery by 1/3/14.
† To qualify, vehicles must be used in day-to-day operations of your business and not solely for transportation purposes. Must provide proof of business. Visit www.gmbusinesschoice.com or your Chevrolet or GMC dealer for details. Take delivery by 9/30/13.
©2012 General Motors. All rights reserved.
FHFA: House Prices Rose 2.1 Percent in Second Quarter 2013
Upward momentum in U.S. house prices remained strong in the second quarter, as prices rose 2.1 percent from the previous quarter, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the eighth consecutive quarterly price increase in the purchase-only, seasonally adjusted index.
“The housing market experienced one of its strongest quarters since the boom in the middle of the last decade,” said FHFA Principal Economist Andrew Leventis.
The HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. Compared with last year, house prices rose 7.2 percent from the second quarter of 2012 to the second quarter of 2013. FHFA’s seasonally adjusted monthly index for June was up 0.7 percent from May.
FHFA’s expanded-data house price index, a metric introduced in August 2011 that adds transaction information from county recorder offices and the Federal Housing Administration to the HPI data sample, rose 2.4 percent over the latest quarter. Over the last four quarters, that index is up 7.5 percent.
The seasonally adjusted, purchase-only HPI rose 7.2 percent from the second quarter of 2012 to
the second quarter of 2013 while prices of other goods and services rose only 1.0 percent. The
inflation-adjusted price of homes rose approximately 6.2 percent over the latest year.
Significant Findings:
“The housing market experienced one of its strongest quarters since the boom in the middle of the last decade,” said FHFA Principal Economist Andrew Leventis.
The HPI is calculated using home sales price information from mortgages sold to or guaranteed by Fannie Mae and Freddie Mac. Compared with last year, house prices rose 7.2 percent from the second quarter of 2012 to the second quarter of 2013. FHFA’s seasonally adjusted monthly index for June was up 0.7 percent from May.
FHFA’s expanded-data house price index, a metric introduced in August 2011 that adds transaction information from county recorder offices and the Federal Housing Administration to the HPI data sample, rose 2.4 percent over the latest quarter. Over the last four quarters, that index is up 7.5 percent.
The seasonally adjusted, purchase-only HPI rose 7.2 percent from the second quarter of 2012 to
the second quarter of 2013 while prices of other goods and services rose only 1.0 percent. The
inflation-adjusted price of homes rose approximately 6.2 percent over the latest year.
Significant Findings:
- The seasonally adjusted purchase-only HPI rose in 47 states and in the District of Columbia during the second quarter. Top 5 in annual appreciation: 1) Nevada 2) California 3) Arizona 4) Oregon and 5) District of Columbia.
- Of the nine census divisions, the Pacific division experienced the strongest increase in the latest quarter, posting a 4.6 percent increase and a 16.2 percent increase since last year. House prices were weakest in the East South Central division, where prices increased 0.9 percent from the prior quarter.
- As measured with purchase-only indexes for the 100 most populated metropolitan areas in the U.S., second quarter price increases were greatest in the OrlandoKissimmee-Sanford, FL Metropolitan Statistical Area (MSA) where prices increased
Jon Statom named HBASC Associate Member of the Year
Home Builders Association of South Carolina (HBASC) Announces Thomas N. Bagnal Builder and Associate of Year Awards
On Saturday, November 9 at the annual Celebration of Excellence the Home Builders Association of South Carolina (HBASC) will award Berkley White, President of Classic Homes in Myrtle Beach, and Jon Statom of Palmetto Exterminators, Inc., in Greenville, the Thomas N. Bagnal Builder member of the Year and HBASC Associate of the Year awards, two of the most prestigious HBASC awards. Both awards are given to individuals who demonstrate tireless service to their community, Home Builders Association (HBA) and to the home building industry.
Jon Statom has been an ardent supporter of the Home Building industry and a member of the HBA of Greenville for more than 10 years. He serves on the Board of the HBA of Greenville and is Chairman of the Community Service Committee. Jon has been active in local Habitat for Humanity renovations and is a fervent supporter of the Home Building industry and the HBA.
According to Michael Dey, Executive Vice President of the HBA of Greenville, “Jon Statom’s tenet, which he practices every day, is to work toward the benefit of our community, industry and association. Jon has quietly, but consistently served our association for more than a decade, and has become a valuable member of our association’s leadership team.” Statom was named HBA of Greenville Associate Member of the Year in 2012.
Berkley White will be honored for his tireless dedication to the home building industry and the HBA. Berkley has been a member of the Horry-Georgetown HBA since 1997 and is a co-founder of Classic Homes with his mother Susan, and is joined by his wife Kim. A Certified Master Builder, Berkley has served as President of the Horry-Georgetown HBA and on the Board of HBASC. Classic Homes has been chosen as the area’s exclusive member of the Southern Living Custom Builder Program.
According to many of his peers, Berkley is a highly regarded Home Builder and member of his community. Rose Anne O’Reilly, Executive Director of the Horry-Georgetown HBA, calls him “an asset to the entire industry and his community. Berkley exemplifies the title 'Thomas N. Bagnal Builder Member of the Year' for his efforts as a builder, member of our association, community volunteer and friend.”
The HBASC commends both men on their commitment to the home building industry and to their community.
The Thomas N. Bagnal Builder member of the Year and HBASC Associate of the Year awards will be presented at the Celebration of Excellence on Saturday, November 9, at the Westin Hilton Head Island Resort and Spa. Tickets for this event are on sale now at the Home Builders Association of South Carolina. For more information, call 803-771-7408 or visit www.hbaofsc.com.
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| Jon Statom |
Jon Statom has been an ardent supporter of the Home Building industry and a member of the HBA of Greenville for more than 10 years. He serves on the Board of the HBA of Greenville and is Chairman of the Community Service Committee. Jon has been active in local Habitat for Humanity renovations and is a fervent supporter of the Home Building industry and the HBA.
According to Michael Dey, Executive Vice President of the HBA of Greenville, “Jon Statom’s tenet, which he practices every day, is to work toward the benefit of our community, industry and association. Jon has quietly, but consistently served our association for more than a decade, and has become a valuable member of our association’s leadership team.” Statom was named HBA of Greenville Associate Member of the Year in 2012.
Berkley White will be honored for his tireless dedication to the home building industry and the HBA. Berkley has been a member of the Horry-Georgetown HBA since 1997 and is a co-founder of Classic Homes with his mother Susan, and is joined by his wife Kim. A Certified Master Builder, Berkley has served as President of the Horry-Georgetown HBA and on the Board of HBASC. Classic Homes has been chosen as the area’s exclusive member of the Southern Living Custom Builder Program.
According to many of his peers, Berkley is a highly regarded Home Builder and member of his community. Rose Anne O’Reilly, Executive Director of the Horry-Georgetown HBA, calls him “an asset to the entire industry and his community. Berkley exemplifies the title 'Thomas N. Bagnal Builder Member of the Year' for his efforts as a builder, member of our association, community volunteer and friend.”
The HBASC commends both men on their commitment to the home building industry and to their community.
The Thomas N. Bagnal Builder member of the Year and HBASC Associate of the Year awards will be presented at the Celebration of Excellence on Saturday, November 9, at the Westin Hilton Head Island Resort and Spa. Tickets for this event are on sale now at the Home Builders Association of South Carolina. For more information, call 803-771-7408 or visit www.hbaofsc.com.
Monday, August 19, 2013
David Crowe: Materials prices up 5 percent in 6 months
According to David Crowe, PhD., NAHB Chief Economist, material prices in a typical new home have increased five percent in the last six months. In addition, he says prices are up even more in the South and Southwest than the rest of the country.
Crowe reports that the increase in materials costs equates to an $8,500 increase in the cost of a new home. He said builders report increases in framing lumber, OSB, plywood, gypsum, trusses, ready-mix concrete, roofing materials, and cement.
Crowe said the information is the result of a survey of HBA members conducted by NAHB.
Read the complete report at builderonline.com by clicking here. Builderonline is the website for Builder, a magazine that each HBA member receives as a benefit of membership in the Home Builders Association.
Crowe reports that the increase in materials costs equates to an $8,500 increase in the cost of a new home. He said builders report increases in framing lumber, OSB, plywood, gypsum, trusses, ready-mix concrete, roofing materials, and cement.
Crowe said the information is the result of a survey of HBA members conducted by NAHB.
Read the complete report at builderonline.com by clicking here. Builderonline is the website for Builder, a magazine that each HBA member receives as a benefit of membership in the Home Builders Association.
NAHB: Builder Confidence Rises Again in August
Builder confidence in the market for newly built, single-family homes rose three points to 59 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) for August, released today. This fourth consecutive monthly gain brings the index to its highest level in nearly eight years.
“Builders are seeing more motivated buyers walk through their doors than they have in quite some time,” said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “What’s more, firming home prices and thinning inventories of homes for sale are contributing to an increased sense of urgency among those who are in the market.”
“Builder confidence continues to strengthen along with rising demand for a limited supply of new and existing homes in most local markets,” noted NAHB Chief Economist David Crowe. “However, this positive momentum is being slowed by the ongoing headwinds of tight credit and low supplies of finished lots and labor.”
Derived from a monthly survey that NAHB has been conducting for 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Two of the HMI’s three components posted gains in August. The component gauging current sales conditions rose three points to 62, while the component gauging sales expectations in the next six months gained a single point to 68 and the component gauging traffic of prospective buyers held unchanged at 45.
All but one region saw a gain in its three-month moving average HMI score in August. The Midwest and West each posted six-point increases, to 60 and 57, respectively, while the South posted a four-point gain to 54 and the Northeast held unchanged at 39.
“Builders are seeing more motivated buyers walk through their doors than they have in quite some time,” said NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “What’s more, firming home prices and thinning inventories of homes for sale are contributing to an increased sense of urgency among those who are in the market.”
“Builder confidence continues to strengthen along with rising demand for a limited supply of new and existing homes in most local markets,” noted NAHB Chief Economist David Crowe. “However, this positive momentum is being slowed by the ongoing headwinds of tight credit and low supplies of finished lots and labor.”
Derived from a monthly survey that NAHB has been conducting for 25 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Two of the HMI’s three components posted gains in August. The component gauging current sales conditions rose three points to 62, while the component gauging sales expectations in the next six months gained a single point to 68 and the component gauging traffic of prospective buyers held unchanged at 45.
All but one region saw a gain in its three-month moving average HMI score in August. The Midwest and West each posted six-point increases, to 60 and 57, respectively, while the South posted a four-point gain to 54 and the Northeast held unchanged at 39.
Rising Home Values Impact Affordability in Second Quarter
Nationwide housing affordability slipped several notches as recovering markets witnessed significant firming of home prices in the second quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.
In all, 69.3 percent of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $64,400. This is down from the 73.7 percent of homes sold that were affordable to median-income earners in the first quarter, and the first time that the measure has fallen below 70 percent since late 2008.
In the Greenville MSA, the index fell to 80.1 as the median price of a new home rose more than 10 percent to $160,000. Greenville is ranked 104 nationally for housing affordability.
“Housing affordability has been hovering near historic highs for the past several years, largely due to exceptionally favorable mortgage rates and low prices during the recession,” observed NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “Now that markets across the country are recovering, home values are strengthening at the same time that the cost of building homes is rising due to tightened supplies of building materials, developable lots and labor.”
“Rising home prices signal the improving health in housing markets, and the median price of all new and existing U.S. homes sold in this year’s second quarter, at $202,000, was well ahead of the second quarter 2012 median price of $185,000,” observed NAHB Chief Economist David Crowe. “Together with rising mortgage rates, this contributed to affordability slipping to the lowest level in more than four years. Such movement would be less concerning were it not for ongoing discussions regarding potential changes to the mortgage interest deduction and federal support for the secondary mortgage market, both of which play enormous roles in keeping homeownership affordable.”
While Ogden-Clearfield, Utah, was rated the nation’s most affordable major housing market for a fourth consecutive quarter, a newcomer – Utica-Rome, N.Y. – claimed the title of most affordable smaller market in the latest HOI.
In the larger metro, 92.8 percent of all new and existing homes sold in this year’s second quarter were affordable to families earning the area’s median income of $70,800. This was slightly lower than the 93.4 percent of homes sold that were affordable to median income-earners in the previous quarter. Meanwhile, just over 97 percent of new and existing homes sold in Utica-Rome in the same period were affordable to families earning that area’s median income of $63,800.
Other major U.S. housing markets at the top of the affordability chart in the second quarter included Indianapolis-Carmel, Ind.; Harrisburg-Carlisle, Pa.; Youngstown-Warren-Boardman, Ohio-Pa.; and Buffalo-Niagara Falls, N.Y., in descending order.
Smaller markets joining Utica at the top of the affordability chart included Kokomo, Ind.; Cumberland, Md.-W.V.; Vineland-Millville-Bridgeton, N.J.; and Bay City, Mich.
For a third consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. held the lowest spot among major markets on the affordability chart. There, just 19.3 percent of homes sold in the second quarter were affordable to families earning the area’s median income of $101,200.
Other major metros at the bottom of the affordability chart included Los Angeles-Long Beach-Glendale, Calif.; Santa Ana-Anaheim-Irvine, Calif.; New York-White Plains-Wayne, N.Y.-N.J.; and San Jose-Sunnyvale-Santa Clara, Calif.; in descending order.
All of the least affordable small housing markets were in California in the latest quarter. At the very bottom of the affordability chart was Santa Cruz-Watsonville, where 30 percent of all new and existing homes sold were affordable to families earning the area’s median income of $73,800. Other small markets at the lowest end of the affordability scale included San Luis Obispo-Paso Robles, Salinas, Napa and Santa Rosa-Petaluma, respectively.
Please visit www.nahb.org/hoi for tables, historic data and details.
In all, 69.3 percent of new and existing homes sold between the beginning of April and end of June were affordable to families earning the U.S. median income of $64,400. This is down from the 73.7 percent of homes sold that were affordable to median-income earners in the first quarter, and the first time that the measure has fallen below 70 percent since late 2008.
In the Greenville MSA, the index fell to 80.1 as the median price of a new home rose more than 10 percent to $160,000. Greenville is ranked 104 nationally for housing affordability.
“Housing affordability has been hovering near historic highs for the past several years, largely due to exceptionally favorable mortgage rates and low prices during the recession,” observed NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. “Now that markets across the country are recovering, home values are strengthening at the same time that the cost of building homes is rising due to tightened supplies of building materials, developable lots and labor.”
“Rising home prices signal the improving health in housing markets, and the median price of all new and existing U.S. homes sold in this year’s second quarter, at $202,000, was well ahead of the second quarter 2012 median price of $185,000,” observed NAHB Chief Economist David Crowe. “Together with rising mortgage rates, this contributed to affordability slipping to the lowest level in more than four years. Such movement would be less concerning were it not for ongoing discussions regarding potential changes to the mortgage interest deduction and federal support for the secondary mortgage market, both of which play enormous roles in keeping homeownership affordable.”
While Ogden-Clearfield, Utah, was rated the nation’s most affordable major housing market for a fourth consecutive quarter, a newcomer – Utica-Rome, N.Y. – claimed the title of most affordable smaller market in the latest HOI.
In the larger metro, 92.8 percent of all new and existing homes sold in this year’s second quarter were affordable to families earning the area’s median income of $70,800. This was slightly lower than the 93.4 percent of homes sold that were affordable to median income-earners in the previous quarter. Meanwhile, just over 97 percent of new and existing homes sold in Utica-Rome in the same period were affordable to families earning that area’s median income of $63,800.
Other major U.S. housing markets at the top of the affordability chart in the second quarter included Indianapolis-Carmel, Ind.; Harrisburg-Carlisle, Pa.; Youngstown-Warren-Boardman, Ohio-Pa.; and Buffalo-Niagara Falls, N.Y., in descending order.
Smaller markets joining Utica at the top of the affordability chart included Kokomo, Ind.; Cumberland, Md.-W.V.; Vineland-Millville-Bridgeton, N.J.; and Bay City, Mich.
For a third consecutive quarter, San Francisco-San Mateo-Redwood City, Calif. held the lowest spot among major markets on the affordability chart. There, just 19.3 percent of homes sold in the second quarter were affordable to families earning the area’s median income of $101,200.
Other major metros at the bottom of the affordability chart included Los Angeles-Long Beach-Glendale, Calif.; Santa Ana-Anaheim-Irvine, Calif.; New York-White Plains-Wayne, N.Y.-N.J.; and San Jose-Sunnyvale-Santa Clara, Calif.; in descending order.
All of the least affordable small housing markets were in California in the latest quarter. At the very bottom of the affordability chart was Santa Cruz-Watsonville, where 30 percent of all new and existing homes sold were affordable to families earning the area’s median income of $73,800. Other small markets at the lowest end of the affordability scale included San Luis Obispo-Paso Robles, Salinas, Napa and Santa Rosa-Petaluma, respectively.
Please visit www.nahb.org/hoi for tables, historic data and details.
Housing Starts Rise 5.9 Percent in July
Nationwide housing starts rose 5.9 percent to a seasonally adjusted annual rate of 896,000 units in July as multifamily construction rebounded from a dip in the previous month, according to newly released figures from HUD and the U.S. Census Bureau. Meanwhile, single-family construction recorded a modest decline from a rate that was upwardly revised for the previous month.
“Builders are making every effort to keep up with the rising demand for new homes and apartments, and construction in both sectors is running well ahead of the pace we saw at this time last year,” noted Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “However, ongoing issues with accessing credit and limited supplies of finished lots and labor are making it tough to do that, particularly for single-family builders.”
“Today’s report is in line with our forecast for continued, gradual strengthening of housing starts and permit activity through the rest of the year,” said NAHB Chief Economist David Crowe. “The double-digit bounce-back on the multifamily side was in keeping with typical month-to-month volatility in that sector,” he noted, “while the sideways movement in single-family was a result of unusually wet weather in the South and West.”
Single-family housing starts declined 2.2 percent from an upwardly revised pace in June to a seasonally adjusted annual rate of 591,000 units in July. Meanwhile, a 26 percent gain to a 305,000-unit pace on the multifamily side offset a similar dip in the previous month.
Regionally, combined housing starts activity posted solid gains of 40.2 percent in the Northeast, 25.4 percent in the Midwest and 7.2 percent in the West, respectively, in July, while the South posted a 7 percent decline.
Issuance of building permits, which can be an indicator of future building activity, rose 2.7 percent to a seasonally adjusted annual rate of 943,000 units in July. Single-family permits dipped 1.9 percent to 613,000 units from a strong pace in the previous month, while multifamily permits gained 12.6 percent to 330,000 units.
Regionally, combined permit issuance increased across the board in July, with gains of 1 percent, 2.8 percent, 1.1 percent and 7.1 percent in the Northeast, Midwest, South and West, respectively.
“Builders are making every effort to keep up with the rising demand for new homes and apartments, and construction in both sectors is running well ahead of the pace we saw at this time last year,” noted Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C. “However, ongoing issues with accessing credit and limited supplies of finished lots and labor are making it tough to do that, particularly for single-family builders.”
“Today’s report is in line with our forecast for continued, gradual strengthening of housing starts and permit activity through the rest of the year,” said NAHB Chief Economist David Crowe. “The double-digit bounce-back on the multifamily side was in keeping with typical month-to-month volatility in that sector,” he noted, “while the sideways movement in single-family was a result of unusually wet weather in the South and West.”
Single-family housing starts declined 2.2 percent from an upwardly revised pace in June to a seasonally adjusted annual rate of 591,000 units in July. Meanwhile, a 26 percent gain to a 305,000-unit pace on the multifamily side offset a similar dip in the previous month.
Regionally, combined housing starts activity posted solid gains of 40.2 percent in the Northeast, 25.4 percent in the Midwest and 7.2 percent in the West, respectively, in July, while the South posted a 7 percent decline.
Issuance of building permits, which can be an indicator of future building activity, rose 2.7 percent to a seasonally adjusted annual rate of 943,000 units in July. Single-family permits dipped 1.9 percent to 613,000 units from a strong pace in the previous month, while multifamily permits gained 12.6 percent to 330,000 units.
Regionally, combined permit issuance increased across the board in July, with gains of 1 percent, 2.8 percent, 1.1 percent and 7.1 percent in the Northeast, Midwest, South and West, respectively.
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