Wow, America's Building Houses Again

houseforsale tbi

In April, housing starts were so low that for all practical purposes there were no new homes being built. But already in May we’re seeing a huge bump.

MarketWatch: U.S. housing starts bounced back with a vengeance in May, rising 17.2% to a seasonally adjusted annual rate of 532,000 after plunging 12.9% in April to a postwar low, the Commerce Department estimated Tuesday. The surprising increase was led by a 62% gain in new construction of multifamily dwellings. Starts of single-family homes rose 7.5% to a 401,000 rate, the highest since November. Economists surveyed by MarketWatch expected an increase to 485,000.

Here’s the Commerce Department’s full announcement:

Housing Starts

Publish at Scribd or explore others:

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.