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New Home Construction is Officially Picking Back Up

Posted To: MND NewsWire

Residential construction numbers climbed in May after their pandemic-driven collapse in April. The Census Bureau and the Department of Housing and Urban Development report that both permitting and starts rose during the month although completions fell. Permits for residential construction were authorized at a seasonally adjusted annual rate of 1,220,000, up 14.4 percent from the previous month. The 1,074,000 permitting rate originally reported for April was revised even lower to 1,066,000 and the rate is now down 8.8 percent compared to a year earlier. Analysts polled by Econoday had expected permits to be in the 1,000,000 to 1,300,000 range. Their consensus was 1,250,000. Single-family permits rose 11.9 percent to a seasonally adjusted annual rate of 745,000 from an adjusted rate of 666,000…(read more)

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