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18

Drop in U.S. Housing Starts Shows Industry May Weigh on Growth

By Tony Seruga

Three straight months of declines in new-home construction show U.S. homebuilding may weigh on second-quarter growth, Commerce Department data showed Friday.

HIGHLIGHTS FROM HOUSING STARTS (MAY)
Residential starts decreased 5.5% to a 1.09m annualized rate (est. 1.22m), the weakest since September Starts in April were revised down to 1.16m, while March figures were also weaker than last reported Permits, a proxy for future construction, fell 4.9% to a 1.17m rate, the lowest since April 2016

Key Takeaways

May starts were pushed lower by declining construction in South, which reached the weakest level since October 2015, and in the Midwest. Construction of single-family properties dropped 3.9 percent to the lowest since September, while ground-breaking on multifamily units declined for a fifth straight month…

Drop in U.S. Housing Starts Shows Industry May Weigh on Growth

Categories : Real Estate

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