Residential Starts Dip in Tulsa Metro

Housing starts remained stable across metro Tulsa with 239 starts logged in February, bringing the total to 499 starts year-to-date. The number represents a decrease of 8 percent from the 260 starts recorded in January. Year-to-date starts are down 12 percent compared to the 566 during the same period in 2007.
February starts were down 26 percent from the February 2007 figures; however, severe weather conditions in January pushed back many starts last year into February.
Starts were strongest in Broken Arrow, which recorded 45. Tulsa had the second-highest total with 34 starts, followed by Jenks and Owasso with 23 and 21 starts, respectively.
New home starts are expected to remain steady in Tulsa, with prospective new home buyers able to take advantage of favorable interest rates and affordable home prices.
On the national level, single-family housing starts continued on a downward trajectory in February, posting a 6.7 percent decline to a seasonally adjusted annual rate of 707,000 units, according to figures released by the U.S. Commerce Department. Meanwhile, production in the more volatile multifamily sector registered a 14.4 percent gain to 358,000 units, limiting the decline in total housing starts to a rate of 1.065 million units — 0.6 percent below the revised January pace.
Regionally, housing starts were unchanged for the month in the Midwest, up nearly 4 percent in the South (Tulsa’s region) and up 5.1 percent in the West, while the Northeast posted a 27.7 percent decline that offset a large boost in the previous month. However, every region was down on a quarterly basis in February.



Was this article helpful?

Related Articles

Leave A Comment?