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Mixed Numbers Again for May Residential Construction
But Totals for First Five Months of Year Remain Strong Compared to Same Period in 2016

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The Wells Fargo Economics Group reports that home developers are selling them, "as fast as they can deliver them."


According to the latest residential construction statistics jointly released by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, completions were up, starts were down and permits held pretty much steady in May compared with the same month last year.

Building permits for private housing in May were at a seasonally adjusted annual rate of 0.8 percent below the May 2016 rate, which is not statistically significant. However, the total is 4.9 percent less than the revised April rate though single-family authorizations only tallied a 1.9 percent decrease.

Housing starts in May came in at a seasonally adjusted annual rate that was 2.4 percent below the May 2016 rate, and 5.5 percent less than the revised April estimate of this year. Single-family starts in May were 3.9 percent below the revised April figure.

On the upside, completions in May were at a seasonally adjusted annual rate that registered 14.6 percent above the May 2016 rate, and 5.6 percent above the revised April estimate. Single-family housing completions in May grew 4.9 percent over the revised April rate.







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November 19, 2017, 1:48 pm PST

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