Housing starts
recovered in May after falling more than 9 percent in April
but permitting had
another lackluster month. The U.S. Census Bureau and Department of Housing and
Urban Development report that residential units were started at a seasonally
adjusted annual rate of 1.572 million, a 3.6 percent improvement on the revised
(from 1.569 million) rate of 1.517 million in April. Starts are running 50.3
percent ahead of the rate in May 2020. May’s results were
slightly lower than expected. Analysts polled by Econoday had a consensus
estimate of 1.630 million. The forecasts ranged from 1.500 to 1.735 million. Construction was
begun on single-family houses at an annual rate of 1.098 million, a 4.2 percent
gain from April’s revised rate of 1.054 million and up 49.8 percent
year-over-year. The April starts were originally reported at a rate of 1.087
million. Multifamily starts rose 4.0 percent to 465,000 units and are 52.5
percent higher on an annual basis.

 

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