HUD and the U.S. Census Bureau reported strong numbers for multifamily construction. Starts for buildings with five or more units surged 11.6% month over month in July and rose 27.4% year over year to a rate of 470,000. Overall housing starts hit 1.4 million, a 12.9% increase year over year.

Multifamily performance is stronger than expected, with the second-highest number of starts for any July in four decades. However, experts like Jay Parsons and Jay Lybik are skeptical, noting discrepancies in the data. Chris Nebenzahl also questions the accuracy of the numbers reported by the Census Bureau.

Private sources indicate multifamily starts down 8-10% year over year, contrary to the reported increase. Experts like Ryan Davis and Chris Nebenzahl doubt the accuracy of the Census data due to economic uncertainty. They believe the pause in new development could continue into next year.

Some experts, like Robert Dietz, believe the Census data is accurate, citing consistent reports from association members. Dietz notes that smaller markets and exurbs may be driving growth, causing discrepancies in the data. He trusts the Census Bureau data as the gold standard for construction insights.

Read more at Yahoo Finance: Multifamily starts jump, but some question the data’s accuracy