Housing Starts, Permits "Relatively Flat"
The nation's housing starts were virtually unchanged in May, down 0.3 percent, according to newly released data from the U.S. Department of Housing and Urban Development and the Commerce Department. Permits increased 0.7 percent. This puts starts at a seasonally adjusted annual rate of 1.16 million and permits at 1.14 million.
“Despite May’s relatively flat report, our builders are telling us that the market is improving and consumers are more ready and willing to make a home purchase,” said National Association of Home Builders chairman Ed Brady, a home builder and developer from Bloomington, Ill. You can find the NAHB's news release here.
“Builder confidence rose this month and single-family housing starts are up roughly 10 percent from a year ago — two indicators that we can expect further growth in housing production this year,” said NAHB Chief Economist Robert Dietz. “However, builders continue to face supply-side constraints, such as shortages of buildable lots and labor.”
Single-family housing starts inched up 0.3 percent to a seasonally adjusted annual rate of 764,000 units in May. Multifamily production edged down 1.2 percent to 400,000 units.
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