While the condominium sector is still hurting, the recovery in the wood framed housing market is gaining momentum. In January, singly family housing starts jumped 7.6%. Since these are mainly built from wood, this pulled wooden housing starts up 4.4% for the first increase in 16 months.
Post and beam construction benefited the most overall as the increased activity in single family homes raised P&B starts by 6.8%. 2×4 starts were down 0.3% as the increase in 2×4 single family starts were offset by decreases in 2×4 apartments and spec homes.
The housing market overall was down 8.1%, but this was again due to a 25.9% drop in condominium starts.