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New Home Construction is Officially Picking Back Up

Friday, July 10, 2020   /   by Erik Bjorklund

New Home Construction is Officially Picking Back Up

construction numbers climbed in May after their pandemic-driven collapse in April.
The Census Bureau and the Department of Housing and Urban Development report
that both permitting and starts rose during the month although completions fell. Permits for
residential construction were authorized at a seasonally adjusted annual rate
of 1,220,000, up 14.4 percent from the previous month. The 1,074,000 permitting
rate originally reported for April was revised even lower to 1,066,000 and the rate
is now down 8.8 percent compared to a year earlier. Analysts polled by
Econoday had expected permits to be in the 1,000,000 to 1,300,000 range.
Their consensus was 1,250,000.


...(read more)

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