Multifamily housing has led the housing recovery out of recession. The headline data has been great. Over the past year, multifamily starts are up 28 percent compared to single-family starts which are up a mere 12 percent. The original forecast at the end of 2014 was for single-family starts to rise 25 to 30 percent in 2015 while multifamily starts were projected to grow 15 percent. Thus on a (SAAR) seasonally adjusted annual rate, single-family starts were projected to grow from 728,000 starts to 946,000 starts, while multifamily starts were projected to grow from 361,000 starts to 415,000 starts in 2015.