Housing Starts Jump 17.2% in May
June 18, 2009 by admin
Filed under Positive Real Estate
Permits up also in May
Nationwide housing starts rebounded in May posting a 17.2% gain to a seasonally adjusted annual rate of 532,000 units, according to U.S. Commerce Department. It was largely boosted by a double-digit gain in the volatile multifamily sector and also a substantial gain on the single-family. Interstingly all sectors of the Country was affected.
“Today’s report showing three consecutive months of gains in single-family housing starts and two consecutive months of gains in single-family permits is a very welcome sign that the market may be nearing a turning point,” said NAHB Chief Economist David Crowe.
Single-family housing starts gained 7.5% in May, breaking the 400,000 mark for the first time since November 2008 to reach a seasonally adjusted annual rate of 401,000 units. Meanwhile, starts in the much more volatile multifamily sector posted a 77 percent gain following a nearly equivalent decline in the previous month, for a seasonally adjusted annual rate of 124,000 units.
Building permit issuance, which can be an indicator of future building activity, rose 4 percent overall in May
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!
You must be logged in to post a comment.