US housing starts for May 974K vs. 1100K estimate
US Housing starts and building permits for the month of May 2020
- US housing starts 974K vs. 1100K estimate
- prior month revised higher to 934K vs. 891K previously reported
- housing start gain was 4.3% month-to-month
- six-month average for May 1325 vs. 1391 in April
- single-family homes rose modestly to 675k from 674k last month.
- Single-family start to down -17.8% year on year
- Multifamily homes rose to 299K from 260K last month
- family starts are down -33.1% year on year
- building permits 1220k vs. 1245K estimate
- prior month revised lower to 1066K from 1074K released last month
- multifamily starts are down -33.1%
- single-family building permits up to 745K from 666K last month
- multifamily building permits up to 475K from 400K
Housing starts remain depressed as elders are slow to rebound after the coronavirus shock. According to reports builders stop the purchase of land for building in March and have been delayed in restarting given the uncertainty.