US Housing Starts Fall in May
Housing starts in the US dropped 0.9 percent from a month earlier to a seasonally adjusted annual rate of 1,269 thousand units in May 2019, compared to market expectations of 1,239 thousand and following an upwardly revised 6.8 percent advance in April.
6/18/2019 12:42:46 PM
Single-family homebuilding, which accounts for the largest share of the housing market, slumped 6.4 percent to a rate of 820 thousand units in May, while starts for the volatile multi-family housing segment advanced 10.9 percent to a rate of 449 thousand units. Declines in housing starts were recorded in the Northeast (-45.5 percent to 73 thousand), Midwest (-8.0 percent to 160 thousand) and West (-2.4 percent to 332 thousand), while an increase was seen in the South (11.2 percent to 704 thousand). Starts for April were revised to 1,281 thousand from 1,235 thousand.
Building permits were up 0.3 percent to a rate of 1,294 thousand units in May, while markets had expected them to be unchanged. Single-family authorizations rose 3.7 percent to 815 thousand, while permits for the volatile multi-family housing segment dropped 5.0 percent to 479 thousand. Across regions, permits were higher in the South (6.8 percent to 693 thousand) and West (1.8 percent to 335 thousand), but fell in the Northeast (-24.6 percent to 92 thousand) and Midwest (-8.4 percent to 174 thousand).
Year-on-year, housing starts slumped 4.7 percent and building permits decreased 0.5 percent.