X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

U.S. new-home construction rose more than projected in May to the fastest pace in more than a decade while permits cooled for a second month, indicating mixed progress in the supply-constrained housing market, government figures showed Tuesday. Residential starts rose 5% to a 1.35m annualized rate (est. 1.31m), highest since July 2007 Single-family starts advanced 3.9%; multifamily up 7.5% Permits, a proxy for future construction of all types of homes, fell 4.6% to 1.3m rate (est. 1.35m). The increase in groundbreaking was concentrated in the Midwest, the only region to see a gain in May, as starts jumped 62.2% to 266,000 — the highest since 2006. The other three regions saw declines, though the drop was only 0.9% in the biggest area, the South.

Permits rose in the Northeast and Midwest, consistent with the view that national demand for housing remains solid. That reflects the support that prospective buyers are getting from a strong labor market, lower taxes and improved finances.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.