America

Signs Of Strength In Latest Housing Data

San Mateo, Calif.: Construction was underway earlier this year at a new housing development. i i

hide captionSan Mateo, Calif.: Construction was underway earlier this year at a new housing development.

Justin Sullivan/Getty Images
San Mateo, Calif.: Construction was underway earlier this year at a new housing development.

San Mateo, Calif.: Construction was underway earlier this year at a new housing development.

Justin Sullivan/Getty Images

There was a 7.9 percent jump in the number of construction permits issued to home builders in May, the Census Bureau says.

That increase boosted permits to a seasonally adjusted annual rate of 780,000 — the most since September 2008, The Associated Press adds. It's a signal that construction will be strong in coming months.

And there's another sign in the Census report that the housing sector may have picked up some strength: There was a 3.2 percent rise in the number of single-family home "starts" last month. Census says construction began on 516,000 such homes (that's another "seasonally adjusted annual rate").

The increase in construction of single-family homes wasn't enough to keep all types of housing starts on the rise, however. A 24.2 percent plunge in the volatile apartments sector pulled starts down overall by 4.8 percent.

Still, as Ameriprise Financial senior economist Russell Price tells Bloomberg News, the report "was a lot better than the headline number [overall starts] would suggest."

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

Support comes from: