Apartment Construction Down Nationwide

A decline in apartment construction in major metro areas has tampered the overall rate of new home construction in the U.S. From the Wall Street Journal:

Overall housing starts¬†slipped 0.8% in August from the prior month¬†to a seasonally adjusted annual rate of 1.18 million, driven by continued steep declines in multifamily building, the Commerce Department said Tuesday…

The report offers a mixed picture of a market in which single-family construction is gradually improving while multifamily construction is declining significantly due to an oversupply of apartments in many urban markets.