Housing Starts Rebounded in May, Permits Still Lag

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Posted To: MND NewsWire

Residential construction data was mixed for May as reported on Tuesday by the U.S. Census Bureau and the Department of Housing and Urban Development. Housing starts recovered strongly from their April loss while permits continued lower. Housing starts were at a seasonally adjusted annual rate of 1,350,000, a 5.0 percent improvement from April’s revised, (from 1,287,000) 1,286,000 units. The May number was up 20.3 percent from the estimate reported for last May of 1,122,000 housing starts. Starts were right at the top of the estimates provided by analysts to Econoday . They were looking for results in the range of 1,270,000 to 1,350,000 with a consensus of 1,320,000. Construction was begun on a seasonally adjusted 936,000 single family houses, a 3.9 percent month-over-month gain and up 18.3…(read more)

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