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The number of U.S. housing starts for the month of June jumped 9.8 percent from the month prior, and construction of multifamily homes drove that growth, according to The Wall Street Journal.
The data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development shows the gain came from construction of multifamily housing units, or apartments and condominiums, with starts increasing by 29.4 percent. New construction of buildings with more than five units jumped 28.6 percent in June, hitting levels not seen since 1987, The Wall Street Journal article says.
Construction of single-family homes, which make up nearly two-thirds of the market, slowed, with a 0.9 percent reduction in new housing starts.
As more young adults seek housing and rental rates rise, multifamily construction will likely continue its upward trajectory, the article adds.
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