US housing starts and building permits for May 2021
- Prior report 1569K
- Housing Starts 1572K vs 1630K estimate. Prior month revise to 1517K from 1569K
- Building permits 1681K vs 1730K estimate. Prior month revise to 1733K from 1760K
- Single-family housing completions 978K versus 1004K
- Housing starts increased by 3.6%
- Building permits fell by -3.0%
Although demand for housing is higher, builders struggle with material costs and shortages of both goods and qualified workers. The price of lumber has moderated from above $1733 to around $900. Lower borrowing costs offset some of the surgeon the prices of late as well.