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:
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