The U.S. Census Bureau said privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,036,000, 11.1% below the revised April estimate of 1,165,000, but 5.1% above the May 2014 rate of 986,000. Single-family housing starts in May were at a rate of 680,000, 5.4% below the revised April figure of 719,000.
“After a strong April, some readjustment in housing production in May was expected,” said NAHB Chief Economist David Crowe in a press release. “The starts and permits figures for the second quarter of 2015 are shaping up to be stronger than the first. This upward trajectory is in line with the recently released NAHB/Wells Fargo HMI, which found growing builder confidence in the market.”
Overall permit issuance rose 11.8% to 1.275 million, the highest level since August 2007. “Even with this month’s dip in production, it should be a solid year for home building,” said NAHB Chairman Tom Woods, a home builder from Blue Springs, Mo., in the press release.
