Comments on May Housing Starts

Total housing starts in May were below expectations, however, overall, including the upward revisions to March and April, starts were solid. There was also a significant increase for permits in May (mostly for the volatile multi-family sector). However I wouldn't put too much emphasis on permits.   The last time there was a spike in multi-family permits was in June 2008, and that was just before starts collapsed! Usually more is better, but I don't expect a huge surge in multi-family starts in June - I suspect this was just permit timing and starts will be spread out over several......(read more)

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