December’s yearly rate of multifamily home building was 424,000 units, 20.1% above the pace of a year earlier and 11.6% above November’s pace.
“Housing’s strength in 2003 was concentrated in single-family starts, while condominiums in multifamily structures gained ground as the year progressed,” said NAHB Chief Economist David Seiders. “As a result, the homeownership rate rose to record levels in 2003.”
Home building was down in the Northeast and Midwest in December, while the South and West posted gains. For the year as a whole, production was up 3.8% in the Northeast, 6.6% in the Midwest, 7.2% in the South and 13.9% in the West.