MReport April 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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M REPORT | 55 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T DATA Where Construction Activity Slipped While housing activity started the year strong, these cities fell behind. Source:: Buildfax January Housing Health Year-Over-Year City Construction Rate Miami -13.33% Los Angeles -5.74% Dallas -8.40% Houston -3.43% Washington, D.C. -3.66% Boston -5.38% Atlanta -0.14% O n a yearly basis, new construc- tion—including both single-and multifamily housing authoriza- tions—decreased across almost all major metros year-over-year. Just three metros—Chicago, Philadelphia, and New York—experienced increases. Chicago reported growth of 2.14%, Philadelphia recorded an increase of 14.33%, and New York had the largest increase at 57.23%. "Housing activity has started on strong footing this year, which should be welcome news for the broader economy. The housing market, which accounts for a substantial portion of U.S. GDP, has the potential to drive increased growth, providing a balance to any concerns of a sluggish market heading into 2020," said Jonathan Kanarek, Managing Director, BuildFax. "While we're still expe- riencing some growing pains regarding the recent housing shortage, as more inventory becomes available, we might see the housing market growing at an even faster pace." While the report finds housing activity is off to a good start in 2020, these well-popu- lated cities fell behind.

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