Housing Starts in U.S. Increased in May to 914,000 Annual Rate
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Beginning construction of new U.S. homes increased in May and permits to build single-family houses rose to a five-year high, extending a rebound that is helping shore up the expansion.
Housing starts climbed 6.8 percent, less than forecast, to a 914,000 annualized rate after a revised 856,000 pace in April, the Commerce Department reported today in Washington. The median estimate of 82 economists surveyed by Bloomberg called for a 950,000 rate. Applications to build one-family homes increased 1.3 percent to a 622,000 pace, the fastest since May 2008.
Building permits that exceed the level of starts indicate residential construction will keep rising as improving job opportunities and historically low mortgage rates lure buyers. The recovery in residential real estate that’s spurred optimism among builders such as Hovnanian Enterprises Inc. shows how record monetary stimulus from Federal Reserve policy makers, who meet today and tomorrow, is bolstering economic growth.
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