Connect With PPD
Follow Us:
Economy

Building Permits Rise in May, Housing Starts Decline

New home construction workers. (Photo: Reuters)

Housing starts in the U.S. fell 0.3% to an annual rate of 1.164 million in May, beating the median forecast. However, building permits, which are a sign of future activity, rose 0.7% to 1.164 million. The estimate was for 1.150 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 NAHB Chairman Ed Brady, a home builder and developer from Bloomington, Ill.

Single-family housing starts actually increased slightly by 0.3% to a seasonally adjusted annual rate of 764,000 units, but multi-family housing starts declined 1.2% to 400,000 units.

“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.”

Regionally, building permits increased 15.3% in the West, but the South, Northeast and Midwest posted respective losses of 1.4%, 7.8% and 9.2%. Most building construction in the housing market occurs in the South.

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

3 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

3 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.