Why the Increase in Apartment Construction Isn’t All Good News

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The housing market looks like it’s finally starting to get its mojo back. Friday’s starts data surprised to the upside and showed new-home construction last month rose to its second-highest level since 2007, with much of that gain being driven by apartment projects.

While that’s good news for the growing number of Americans eschewing homeownership, it could also mean the housing market improvement packs a slightly smaller economic punch, according to Ryan Sweet, a senior economist at Moody’s Analytics Inc. in West Chester, Pennsylvania.

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