The headline numbers in housing starts for May don’t tell the whole story, in the view of David Crowe, chief economist with the National Association of Home Builders. Blogging on Tuesday’s new residential construction statistics jointly released by the US Census Bureau and the Department of Housing and Urban Development, Crowe acknowledges “mixed signals” but says the general trends are positive.
Multifamily starts in May were off 7.6% from April to 376,000, while permits declined 19.5% from the previous month to 372,000. “But the three-month moving average for multifamily starts is still the best since February 2006 and the decline is more the result of an extraordinarily high April,” Crowe writes. “The same trend was evident in the multifamily permits, which adjusted downward after scoring a seven-year high in April.”
Read more...MF Slowdown Skews May Numbers - Daily News Article - GlobeSt.com
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