Housing starts elevate in May

Home building starts increased nearly 7 percent last month.Construction firms increased their time spent on the worksite in May due to the vast number of building jobs they were taking on, a new report suggests.According to the Commerce Department, housing starts last month rose nearly 7 percent on a seasonally adjusted annual basis, with 914,000 units getting off the ground.Rick Judson, chairman of the National Association of Home Builders, noted that outlook and sentiment among builders is strong, as firms are responding to the heightened demand for rental apartments and homes.David Crowe, chief economist at NAHB, added that the only thing that prevented builders from getting further with their projects was Mother Nature.”Unusually wet weather across much of the country likely dampened the pace of single-family production in May,” said Crowe. “Nevertheless, the strength in permit issuance for single-family units – and stockpiling of permits for future use – provides further evidence that housing continues on a slow and steady path to recovery.”Construction firms will likely be on the job longer in Texas, as Houston homes are moving at a prodigious rate. The Houston Association of Realtors reports that sales finished 28 percent ahead of last year's pace in May, leading inventory levels to diminish further.
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